Bitcoin prices still hold a support zone of $117,250. BTC is integrated and may try to clear the $118,600 resistance zone to gain bullish momentum.
- Bitcoin has begun a minus side fix from the $120,000 zone.
- It costs under $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 $118,600.
- The pair could begin another increase once they clear the $118,600 resistance zone.
Bitcoin prices exceed support
Bitcoin prices have begun a new increase beyond the $118,000 zone. The BTC moved into a positive zone, above the $118,500 and $118,800 resistance levels.
The Bulls were able to push for a price that exceeded the $119,500 resistance. The high was formed at $119,796, and the pair is currently revising profits. There was a move below the 23.6% FIB retracement level from the $114,733 Swing Low to $119,796.
Bitcoin is currently below $118,500 and trades a simple moving average every 100 hours. Immediate resistance is close to the $118,500 level. There is also a bearish trendline in the hourly chart of the BTC/USD pair, where resistance is formed at $118,600.
The first important resistance is close to the $119,250 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 potentially send the price to the $122,500 level. Your main goal could be $123,200.
What are the drawbacks of BTC?
If Bitcoin does not rise above the $118,600 resistance zone, it could begin another decline. Immediate support is from a rising level of $117,250 or a 50% FIB retracement level rise to a rising level of $114,733 to a Swing Low from a $119,796. The initial main support is close to the $116,650 level.
The following support is located near the $115,950 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $117,250, followed by $116,650.
Major resistance levels – $118,600 and $119,800.
