Bitcoin prices hold a support zone of $117,250. The BTC is integrated and needs to clear the $118,500 resistance zone and gain bullish momentum in the short term.
Bitcoin has begun its drawback corrections below the $118,500 zone. The price trades a simple moving average of nearly $118,000 and 100 hours. On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line where resistance forms at $118,200. Clearing the $118,500 resistance zone could cause the pair to start another increase.
Bitcoin price eye rise break
Bitcoin prices have begun a new increase beyond the $117,000 zone. The BTC moved into the positive zone, above the $117,500 and $118,800 resistance levels.
The bull was able to push for resistance that cost more than $119,250. The high was formed at $119,795, 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 $119,795.
Bitcoin is currently trading a simple 100-hour moving average for nearly $118,000. Immediate resistance is close to the $118,200 level. There is also a bearish trendline in the hourly chart of the BTC/USD pair, where resistance is formed at $118,200.
The first important resistance is close to the $119,200 level. The next resistance could be $120,500. Over $120,500 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $122,500. Any further profit could send the price to the $122,500 level. Your main goal could be $123,200.
More losses in BTC?
If Bitcoin does not rise above the $118,500 resistance zone, it could begin another decline. Immediate support is an upward movement from a $117,250 level or an upward level at 50% FIB retracement level to a $119,795 swing from a $114,733 swing. The first major support is close to the $116,600 level.
The following support is located near the $115,550 zone: Any further losses could send prices towards $114,600 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 $116,600.
Major resistance levels – $118,500 and $120,500.
