Bitcoin prices have begun a minus side fix from the $123,200 zone. BTC is currently trading for under $120,000 and you could potentially find a bid near the $115,500 zone.
- Bitcoin has begun a new decline from a new all-time high of nearly $123,200.
- The price is below $120,000 and trades a simple 100-hour moving average.
- On the timely chart of the BTC/USD pair (data feed from Kraken), resistance above the bearish trendline with resistance can be $117,300.
- The pair could begin another increase once they clear the $120,000 resistance zone.
Bitcoin prices will be revised from the new ATH
Bitcoin prices began a new increase after clearing the $118,500 resistance zone. BTC has picked up the pace for moves that exceed the $120,000 and $122,000 resistance.
The Bulls pumped a pair above the $123,000 zone. The new all-time high was formed at $123,140, with prices currently correcting profits. There was a move below the 23.6% FIB retracement level of the upward movement from a $108,636 swing to $123,140 height.
Bitcoin is currently below $120,500 and trades a simple moving average every 100 hours. However, the price holds a 50% FIB level of upward movement from a swing of $108,636 to a height of $123,140.
On top of that, the BTC/USD pair hourly wage charts saw a break above the weak trend line with resistance of $117,300. Immediate resistance is close to the $118,500 level. The first important resistance is close to the $120,000 level. The next resistance could be $122,000.
Over $122,000 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $123,200. Any further profit could potentially send the price towards the $125,000 level. Your main goal could be $130,000.
More losses in BTC?
If Bitcoin can’t rise above the $120,000 resistance zone, it could continue to fall. Immediate support is close to the $115,850 level. The first major support is close to the $115,500 level.
The following support is located near the $114,150 zone: Any further losses could send the price to $112,500 in the short term. The main support is $110,500, and BTC could continue to decline after that.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $115,500, followed by $114,150.
Major resistance levels – $120,000 and $122,000.
