Bitcoin price is correcting gains below the $121,200 zone. BTC is now consolidating and might aim for a move above the $120,500 resistance zone.
Bitcoin started a downside correction below the $121,200 zone.
The price is trading above $118,000 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $118,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another increase if it clears the $120,250 resistance zone.
Bitcoin price failed to extend gains above $122,250 and started a downside correction. BTC corrected gains and traded below the $121,200 support zone.
There was a move below the $120,500 level. The price dipped below the 50% Fib retracement level of the upward move from the $116,282 swing low to the $122,272 high. Finally, the price spiked below the $118,500 support and tested the 100 hourly Simple moving average.
Bitcoin is now trading above $118,000 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $118,600 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $120,000 level. The first key resistance is near the $120,250 level. The next resistance could be $120,850. A close above the $120,850 resistance might send the price further higher. In the stated case, the price could rise and test the $122,250 resistance level. Any more gains might send the price toward the $124,000 level. The main target could be $125,000.
If Bitcoin fails to rise above the $120,500 resistance zone, it could start another decline. Immediate support is near the $118,600 level or the 61.8% Fib retracement level of the upward move from the $116,282 swing low to the $122,272 high. The first major support is near the $117,800 level.
The next support is now near the $116,550 zone. Any more losses might send the price toward the $115,500 support in the near term. The main support sits at $113,500, below which BTC might continue to move down.
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 – $118,600, followed by $117,800.
Major Resistance Levels – $120,250 and $120,850.
[#item_full_content]NewsBTCRead MoreBlackRock’s Rick Rieder, UBS’s Ulrike Hoffmann-Burchardi and Third Point’s Daniel Loeb see steady economic growth…
The shift comes as stablecoins surge in popularity and competitors like Stripe and PayPal add…
Spot Bitcoin ETFs listed in the US recorded their steepest single-day outflow in nearly three…
The executive order to build President Donald Trump's Strategic Bitcoin Reserve has awaited congressional action,…
The Bitcoin market experienced a short-lived rebound, as prices broke through the long-standing $70,000 resistance…
Market analyst Ali Martinez highlights a recent development on the Bitcoin 3-day chart with significant…
