Bitcoin price tries a new increase above $ 120,000. BTC is now consolidating and can try a steady movement in the direction of the $ 125,000 zone.
- Bitcoin started a new increase compared to the $ 115,800 zone.
- The price is traded above $ 119,000 and the simple simple advancing average of 100 hours.
- There was a break over a Bearish trend line with resistance at $ 119,000 on the hour table of the BTC/USD pair (data specialty).
- The couple can start a different increase if it knew the $ 120,500 resistance zone.
Bitcoin -Visor fresh upward movement
Bitcoin Price started a correction of the new high at $ 123,200. BTC dropped below the $ 120,000 level and tested the $ 115,500 zone.
A low point was formed at $ 115,730 and the price is now trying a new increase. The bulls were above the price above the resistance levels of $ 118,000 and $ 118,500. There was a movement above the 50% FIB retracement level of the relocation of the $ 123,140 Swing high to $ 115,730 low.
Moreover, there was a break over a bearish trend line with resistance at $ 119,000 on the hour table of the BTC/USD pair. Bitcoin now acts above $ 119,500 and the 100 simple advancing average per hour.
Immediate resistance at the top is near the level of $ 120,200. The first key resistance is near the level of $ 121,400. It is close to the 76.4% FIB racement level of the relocation of the $ 123.140 Swing high to $ 115,730 low. The next resistance can be $ 123,150.
A nearby $ 123,150 resistance can further send the price. In the case mentioned, the price could rise and the resistance level of $ 124,200 tests. More profits can send the price to the $ 125,000 level. The main objective can be $ 126,200.
Another decline in BTC?
If Bitcoin does not rise above the $ 121,400 resistance zone, this can start a decrease. Immediate support is close to the level of $ 119,000 and the SMA of 100 hours. The first major support is near the level of $ 117,500.
The next support is now near the $ 115,500 zone. More losses can send the price in the short term to the support of $ 113,500. The most important support is $ 110,500, 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 above 50 -level.
Important support levels – $ 117,500, followed by $ 115,500.
Large resistance levels – $ 121,400 and $ 123,150.