Bitcoin price is to crop the profits of the $ 124,000 zone. BTC is now consolidating below $ 120,000 and can strive for a recovery wave.
- Bitcoin started a disadvantage correction from the $ 124,000 zone.
- The price acts under $ 122,000 and the simple simple advancing average of 100 hours.
- There was a break under an important bullish trend line with support at $ 120,000 on the hour 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 drops sharply
Bitcoin prize was traded for a new of all time near $ 124,000 before the bears appeared. BTC started a correction and traded under the $ 122,000 support zone.
There was a movement below $ 121,200 support zone and the 100 simple advancing average per hour. By the way, there was a break under an important bullish trend line with support for $ 120,000 on the hour table of the BTC/USD pair. The pair tested the $ 117,250 zone.
It is now up to consolidation and has found some losses to test the 23.6% FIB retracement level of the move from the $ 124,420 Swing high to $ 117,250 low. Bitcoin is now traded under $ 120,000 and the 100 -hour simple advancing average.
Immediate resistance at the top is near the level of $ 119,000. The first key resistance is near the level of $ 120,000. The next resistance can be $ 120,500. A close -up resistance of $ 120,500 can further send the price.
In the case mentioned, the price could rise and the $ 121,650 resistance level or the 61.8% FIB retracement level of the relocation of the $ 124,420 Swing high to $ 117,250 Low tests. More profits can send the price to the level of $ 122,200. The main objective can be $ 123,500.
Another decline in BTC?
If Bitcoin does not rise above the $ 120,000 resistance zone, this can start a new decline. Immediate support is close to the level of $ 118,000. The first major support is near the level of $ 117,250.
The next support is now near the $ 116,500 zone. All losses can send the price in the short term to the support of $ 115,500. The most important support is $ 113,500, 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 below the 50 -level level.
Important support levels – $ 117,250, followed by $ 116,500.
Important resistance levels – $ 120,000 and $ 120,500.