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Bitcoin price is still above the $117,500 support zone. BTC is rising and might attempt to clear the $118,600 resistance zone to gain bullish momentum.
- Bitcoin started a decent upward move from the $116,000 zone.
- The price is trading near $118,500 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $118,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another increase if it clears the $118,620 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price started a downside correction from the $119,796 high. BTC declined below the $119,000 and $118,500 support levels to enter a short-term bearish zone.
The bears pushed the price below the 50% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The decline gained pace and the price even spiked toward the $116,000 support zone where the bulls appeared.
They protected the 76.4% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The price is again rising above $118,000. Bitcoin is now trading near $118,500 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $118,620 level. There is also a bearish trend line forming with resistance at $118,620 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $119,200 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.
Another Decline In BTC?
If Bitcoin fails to rise above the $118,620 resistance zone, it could start another decline. Immediate support is near the $117,500 level. The first major support is near the $116,250 level.
The next support is now near the $116,000 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 gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $117,500, followed by $116,250.
Major Resistance Levels – $118,620 and $119,800.
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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