Bitcoin price is correcting gains from $116,500. BTC is now consolidating and might start a fresh decline if it stays below the $116,500 resistance zone.
Bitcoin started a fresh increase above the $115,000 zone.
The price is trading below $115,500 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $115,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another increase if it clears the $116,500 zone.
Bitcoin price started a fresh upward wave above the $113,500 zone. BTC managed to climb above the $114,500 and $115,000 resistance levels.
The bulls were able to push the price above $116,000 and $116,200. The price traded as high as $116,743 and recently started a downside correction. There was a minor decline below the $116,000 zone. The price even dipped below the 23.6% Fib retracement level of the recent move from the $110,815 swing low to the $116,743 high.
Bitcoin is now trading below $115,500 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $115,350 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $115,350 level. The first key resistance is near the $116,150 level. The next resistance could be $116,750. A close above the $116,750 resistance might send the price further higher. In the stated case, the price could rise and test the $117,500 resistance level. Any more gains might send the price toward the $118,500 level. The next barrier for the bulls could be $118,800.
If Bitcoin fails to rise above the $116,150 resistance zone, it could start a fresh decline. Immediate support is near the $114,500 level. The first major support is near the $113,750 level or the 50% Fib level of the recent move from the $110,815 swing low to the $116,743 high.
The next support is now near the $113,200 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,500, below which BTC might decline heavily.
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 – $114,500, followed by $113,750.
Major Resistance Levels – $116,150 and $116,750.
[#item_full_content]NewsBTCRead MoreOnchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…
Bitcoin’s bearish momentum has since reached a cool-off state, as price maintains above the last…
Executive John Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the…
The recommendation is in line with other global asset managers like BlackRock and Bank of…
The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction…
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets…
