Bitcoin price is the consolidation of profits under the resistance of $ 118,000. BTC could start a disadvantage correction if it breaks the $ 116,200 support zone.
- Bitcoin started a new decline after it had not deleted the $ 120,000 zone.
- The price is traded under $ 118,000 and the simple simple advancing average of 100 hours.
- There is a bearish trend line that forms with resistance at $ 118,000 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a different increase if it knew the $ 120,000 resistance zone.
Bitcoin -price is falling again
Bitcoin price started a correction after the bulls had not deleted the $ 120,000 resistance. BTC dropped below the $ 118,000 level and tested the $ 116,200 zone.
A low point was formed at $ 116,260 and the price is now trying a new increase. The bulls were upstairs to push the price above the resistance level of $ 117,000. There was a movement in the direction of the 50% FIB racement level of the downward movement of the $ 119,630 Swing high to $ 116,260 low.
Bitcoin now trades under $ 118,500 and the 100 simple advancing average. Immediate resistance at the top is near the level of $ 118,000. There is also a bearish trend line that forms with resistance at $ 118,000 on the hourly table of the BTC/USD pair.
The first key resistance is near the level of $ 118,400. It is close to the 61.8% FIB level of the downward movement of the $ 119,630 Swing high to $ 116,260 low. The next resistance can be $ 119,150.
A close -up resistance of $ 119,150 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 120,500 tests. More profits can send the price to the $ 122,000 level. The main objective can be $ 123,200.
Another decline in BTC?
If Bitcoin does not rise above the $ 118,400 resistance zone, this can start a decrease. Immediate support is close to the level of $ 116,200. The first major support is near the level of $ 115,500.
The next support is now near the $ 115,500 zone. More losses can send the price in the short term to the support of $ 112,500. The most important support is $ 111,200, including BTC could stay down.
Technical indicators:
MACD per hour – The MACD now wins pace in the bearish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 116,200, followed by $ 115,500.
Important resistance levels – $ 118,000 and $ 120,500.