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Bitcoin price corrected gains and traded below the $124,000 level. BTC is now struggling and might continue to move down below $120,000.
- Bitcoin started a downside correction below the $123,200 level.
- The price is trading below $123,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to move down if it trades below the $120,000 zone.
Bitcoin Price Dips Further
Bitcoin price failed to stay above the $125,000 zone and started a fresh decline. BTC dipped below the $124,000 support to enter a short-term bearish zone.
The bears even pushed the price below $121,200. A low was formed at $119,810 and the price recently recovered some losses. There was a move toward the 50% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 low.
However, the bears are still active near $121,750. Bitcoin is now trading below $121,500 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $121,750 level. The first key resistance is near the $122,250 level and the 61.8% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 low.
The next resistance could be $122,750 and the trend line. A close above the $122,750 resistance might send the price further higher. In the stated case, the price could rise and test the $123,500 resistance. Any more gains might send the price toward the $124,000 level. The next barrier for the bulls could be $125,500.
More Losses In BTC?
If Bitcoin fails to rise above the $122,750 resistance zone, it could start a fresh decline. Immediate support is near the $120,750 level. The first major support is near the $120,000 level.
The next support is now near the $118,500 zone. Any more losses might send the price toward the $116,500 support in the near term. The main support sits at $115,500, below which BTC might struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $120,750, followed by $120,000.
Major Resistance Levels – $122,750 and $123,500.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
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