Bitcoin price is trimming gains and trading below $120,000. BTC is now showing some bearish signs and might decline below $115,500 zone.
Bitcoin started a downside correction below the $120,000 zone.
The price is trading below $118,000 and the 100 hourly Simple moving average.
There was a break below a key declining channel with support at $116,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another increase if it clears the $118,500 resistance zone.
Bitcoin price traded to a new all-time high near $124,000 and started a fresh decline. BTC gained bearish momentum and traded below the $120,000 support zone.
There was a move below the $118,500 support zone and the 100 hourly Simple moving average. Besides, there was a break below a key declining channel with support at $116,200 on the hourly chart of the BTC/USD pair. The pair tested the $115,800 zone.
It is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $115,800 low. Bitcoin is now trading below $118,000 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $116,850 level. The first key resistance is near the $118,000 level. The next resistance could be $118,500. A close above the $118,500 resistance might send the price further higher.
In the stated case, the price could rise and test the $119,200 resistance level. Any more gains might send the price toward the $120,000 level or the 50% Fib retracement level of the recent decline move from the $124,420 swing high to the $115,800 low. The main target could be $121,500.
If Bitcoin fails to rise above the $118,000 resistance zone, it could start a fresh decline. Immediate support is near the $115,800 level. The first major support is near the $115,000 level.
The next support is now near the $113,500 zone. Any more losses might send the price toward the $112,500 support in the near term. The main support sits at $110,000, below which BTC might continue to move down.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $115,800, followed by $115,000.
Major Resistance Levels – $118,000 and $118,500.
[#item_full_content]NewsBTCRead MoreThe Casascius coins were designed as offline cold storage with embedded private keys, but the…
In a not-so-surprising turn of events, the bearish orientation of the Bitcoin price has continued…
Two long-dormant Casascius coins, each loaded with 1,000 Bitcoin, were activated on Friday, unlocking more…
As the gap between spot bitcoin price and the power law widens, investors are left…
Shares in the company fell more than 50% this week as the merger approval went…
The Bitcoin price has had a mixed performance over the past week, with both sides…
