Bitcoin price views a new increase above the $ 118,500 resistance. BTC has to erase the $ 120,250 resistance zone to get bullish momentum in the short term.
- Bitcoin started a new increase after it had erased the $ 118,000 zone.
- The price is traded above $ 118,600 and the simple simple advancing average of 100 hours.
- There is an important bullish trend line that forms with support for $ 118,200 on the hourly 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 strives for another rise
Bitcoin price started a correction phase of the $ 120.250 resistance zone. BTC dropped below the level of $ 118,500 and tested the $ 118,000 zone.
There was a movement below the 50% FIB racement level of the upward movement of the $ 116,260 Swing low to $ 120.237 high. However, the bulls were active in the vicinity of the $ 117,500 support zone. There is also an important bullish trend line that forms with support for $ 118,200 on the hour table of the BTC/USD pair.
Bitcoin now acts above $ 118,600 and the 100 simple advancing average per hour. Immediate resistance at the top is near the level of $ 119,300. The first key resistance is near the level of $ 120,000.
The next resistance can be $ 120,250. A close -up resistance of $ 120,250 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 decline in BTC?
If Bitcoin does not rise above the $ 120,250 resistance zone, this can start a new decrease. Immediate support is close to the level of $ 118,500 and the trend line. The first major support is close to the $ 117,200 level or the 76.4% FIB retracement level of the upward movement of the $ 116,260 Swing low to $ 120.237 high.
The next support is now near the $ 116,250 zone. More losses can send the price to the support of $ 115,000 in the short term. 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 – $ 118,250, followed by $ 116,250.
Important resistance levels – $ 119,250 and $ 120,250.