Bitcoin price is still above the $ 117,500 support zone. BTC rises and can try to erase the $ 118,600 resistance zone to get bullish momentum.
- Bitcoin started a decent upward movement from the $ 116,000 zone.
- The price acts almost $ 118,500 and the 100 simple advancing average.
- There is a bearish trend line that forms with resistance at $ 118,620 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a different increase if it knew the $ 118,620 resistance zone.
Bitcoin Price Eyes Op Head Pause
Bitcoin Price started a disadvantage correction of the $ 119,796 High. BTC decreased under the support levels of $ 119,000 and $ 118,500 to enter a bearish zone in the short term.
The bears pushed the price below the 50% FIB retraction level of the upward movement of the $ 114,733 Swing low to $ 119,796 high. The decrease was pace and the prize even went to the support zone of $ 116,000 where the Bulls appeared.
They protected the 76.4% FIB racement level of the upward movement of the $ 114,733 Swing low to $ 119,796 high. The price rises again above $ 118,000. Bitcoin is now traded near $ 118,500 and the 100 -hour simple advancing average.
Immediate resistance at the top is near the level of $ 118,620. There is also a bearish trend line that forms with resistance at $ 118,620 on the hour table of the BTC/USD pair.
The first key resistance is near the level of $ 119,200. The next resistance can be $ 119,800. A close -up resistance of $ 119,800 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 level of $ 122,500. The main objective can be $ 123,200.
Another decline in BTC?
If Bitcoin does not rise above the $ 118,620 resistance zone, this can start a decrease. Immediate support is close to the level of $ 117,500. The first major support is near the level of $ 116,250.
The next support is now near the $ 116,000 zone. More losses can send the price in the short term to the support of $ 114,500. The most important support is $ 113,500, including BTC could stay down.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 117,500, followed by $ 116,250.
Large resistance levels – $ 118,620 and $ 119,800.