Bitcoin price is higher above $ 116,650. BTC is now confronted with obstacles and can extend profit if it knew the $ 118,000 resistance zone.
- Bitcoin started a new increase above $ 116,500 zone.
- The price is traded under $ 116,500 and the simple simple advancing average of 100 hours.
- There is an important bullish trend line that forms with support for $ 115,800 on the hour table of the BTC/USD pair (data specialty).
- The couple can start another increase if it knew the $ 117,850 zone.
Bitcoin -Price eyes more profit
Bitcoin price started a new upward wave above $ 116,000 zone. BTC managed to climb above the resistance levels of $ 116,200 and $ 116,500.
The bulls could push the price above $ 117,500. The price traded as high as $ 117,920 and recently started a downward correction. There was a movement below the level of $ 117,200. The price fell and tested the 50% FIB retracement level of the upward movement of the $ 115,247 Swing low to $ 117,920 high.
However, the bulls were active near $ 116,750. Bitcoin now acts above $ 116,500 and the 100 simple advancing average per hour. By the way, there is an important bullish trend line that forms with support for $ 115,800 on the hour table of the BTC/USD pair.
Immediate resistance at the top is near the level of $ 117,500. The first key resistance is near the level of $ 117,850. The next resistance can be $ 118,000. A close -up resistance of $ 118,000 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 118,500 tests. More profits can send the price to the level of $ 118,800. The next barrier for the Bulls can be $ 119,250.
Another drop in BTC?
If Bitcoin does not rise above the $ 117,850 resistance zone, this can start a new decline. Immediate support is near the level of $ 116,550. The first major support is close to the $ 115,800 level or the trend line and the 76.4% FIB retracement level of the upward movement of the $ 115.247 Swing low to $ 117,920 High.
The next support is now near the $ 115,250 zone. More losses can send the price in the short term to the support of $ 114,500. The most important support is $ 112,500, including BTC can decrease heavily.
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 – $ 116,550, followed by $ 115,800.
Important resistance levels – $ 117,850 and $ 118,000.