Bitcoin prices are still above the $117,500 support zone. The BTC is rising and may try to clear the $118,600 resistance zone to gain bullish momentum.
- Bitcoin has begun a decent upward move from the $116,000 zone.
- The price is close to $118,500 and trades a simple 100-hour moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line where resistance forms at $118,620.
- Clearing the $118,620 resistance zone could cause the pair to start another increase.
Bitcoin price eye rise break
Bitcoin prices have begun a negative side correction starting at $119,796. BTC went below support levels of $119,000 and $118,500 to enter the short-term bearish zone.
The Bears have dropped the price below the 50% FIB retracement level of an upward movement from a swing of $114,733 to $119,796. The decline has increased its pace, with prices surged further into the $116,000 support zone where the Bulls appeared.
They protected the upward movement of 76.4% FIB retracement level from a Swing Low of $114,733 to $119,796. Prices are again rising above $118,000. Bitcoin is currently trading a simple moving average of nearly $118,500 and 100 hours.
Immediate resistance is close to the $118,620 level. There is also a bearish trendline in the hourly chart of the BTC/USD pair, where resistance is formed at $118,620.
The first important resistance is close to the $119,200 level. The next resistance could be $119,800. Over $119,800 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $120,500. Any further profit could send the price to the $122,500 level. Your main goal could be $123,200.
Another reduction in BTC?
If Bitcoin does not rise above the $118,620 resistance zone, it could begin another decline. Immediate support is close to the $117,500 level. The first major support is close to the $116,250 level.
The following support is located near the $116,000 zone: Any further losses could send the price to $114,500 in the short term. The main support is $113,500, and BTC could continue to decline after that.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $117,500, followed by $116,250.
Major resistance levels – $118,620 and $119,800.
