Bitcoin Price started a sharp rise and traded above $ 118,000. BTC now consolidates profits and can correct some points in the short term.
- Bitcoin started a large increase above $ 116,500 zone.
- The price is traded above $ 117,000 and the simple simple advancing average of 100 hours.
- There is a bullish trend line in the short term that forms with support at $ 117,000 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can continue to go up if it knew the $ 119,500 zone.
Bitcoin -price starts a new increase
Bitcoin Price succeeded in staying over $ 115,000 zone and started a new increase. BTC settled above the $ 115,500 resistance zone to start the current movement.
The bulls could pump the price above the $ 117,000 and $ 118,000 pumps. The Bulls even erased the level of $ 118,800. A high was formed at $ 119,453 and the price is now consolidating the profit above the 23.6% FIB retracement level of the upward movement of the $ 112,806 Swing Low to the $ 119,453 High.
Bitcoin is now traded above $ 117,000 and the 100 simple advancing average of the 100 hours. By the way, there is a bullish trend line in the short term that forms with support for $ 117,000 on the hourly table of the BTC/USD couple.
Immediate resistance at the top is near the level of $ 119,000. The first key resistance is near the level of $ 119,250. The next resistance can be $ 119,500. A close -up resistance of $ 119,500 can further send the price. In the declared case, the price could rise and the resistance of $ 120,500 tests. More profits can send the price to the level of $ 122,500. The next barrier for the Bulls can be $ 123.00.
Pullback in BTC?
If Bitcoin does not rise above the $ 119,500 resistance zone, this can start a new decline. Immediate support is close to the level of $ 117,000 and the trend line. The first major support is near the level of $ 116,150.
The next support is now near the $ 115,500 zone. More losses can send the price in the short term to the support of $ 114,000. The most important support is $ 113,500, including BTC may have difficulty recovering in the short term.
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 – $ 117,000, followed by $ 116,150.
Large resistance levels – $ 119,500 and $ 120,500.