Bitcoin price views a new increase above the $ 118,000 resistance. BTC has to erase the $ 120,000 resistance zone to stay higher in the short term.
- Bitcoin started a new increase after it had erased the $ 118,000 zone.
- The price is traded above $ 118,500 and the 100 -hour simple advancing average.
- There was a break over a Bearish trend line with resistance at $ 118,000 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a different increase if it knew the $ 120,000 resistance zone.
Bitcoin -Price strives higher
Bitcoin price started a correction phase under the $ 118,500 support zone. BTC dropped below the $ 118,000 level and tested the $ 116,200 zone.
A low point was formed at $ 116,260 and the price started a different increase. There was a considerable movement above the levels of $ 118,000 and $ 118,500. Moreover, there was a break over a bearish trend line with resistance at $ 118,000 on the hour table of the BTC/USD pair.
However, the couple had difficulty surpassing the $ 120,000 resistance zone. A high was formed near $ 120.237 and the price is now the profits around the 23.6% FIB retracement level of the upward movement of the $ 116.260 Swing low to $ 120.237 high.
Bitcoin now acts above $ 118,500 and the 100 simple advancing average per hour. Immediate resistance at the top is near the level of $ 119,800. The first key resistance is near the level of $ 120,200.
The next resistance can be $ 121,000. A close -up resistance of $ 121,000 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 122,500 tests. More profits can send the price to the level of $ 122,500. The main objective can be $ 123,200.
Another drop in BTC?
If Bitcoin does not rise above the $ 120,200 resistance zone, this can start a decrease. Immediate support is close to the level of $ 119,200. The first major support is near the level of $ 118,500.
The next support is now near the $ 118,200 zone. More losses can send the price in the short term to the support of $ 116,500. The most important support is $ 115,000, including BTC could stay down.
Technical indicators:
HORLY MACD – The MACD now loses pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 119,200, followed by $ 118,500.
Important resistance levels – $ 120,200 and $ 121,000.