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Bitcoin price is still holding the $117,250 support zone. BTC is consolidating and might attempt to clear the $118,600 resistance zone to gain bullish momentum.
- Bitcoin started a downside correction from the $120,000 zone.
- The price is trading below $118,500 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $118,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another increase if it clears the $118,600 resistance zone.
Bitcoin Price Stays Above Support
Bitcoin price started a fresh increase above the $118,000 zone. BTC climbed above the $118,500 and $118,800 resistance levels to move into a positive zone.
The bulls were able to push the price above the $119,500 resistance. A high was formed at $119,796 and the pair is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high.
Bitcoin is now trading below $118,500 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $118,500 level. There is also a bearish trend line forming with resistance at $118,600 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $119,250 level. The next resistance could be $119,800. A close above the $119,800 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.
Downside Break In BTC?
If Bitcoin fails to rise above the $118,600 resistance zone, it could start another decline. Immediate support is near the $117,250 level or the 50% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The first major support is near the $116,650 level.
The next support is now near the $115,950 zone. Any more losses might send the price toward the $114,500 support in the near term. The main support sits at $113,500, below which BTC might continue to move down.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $117,250, followed by $116,650.
Major Resistance Levels – $118,600 and $119,800.
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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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