Bitcoin Price Eases From Highs—Bounce Back on the Horizon?

Bitcoin worth is correcting beneficial properties from the $122,250 zone. BTC is now consolidating and would possibly purpose for a transfer towards the $120,500 resistance zone.

• Bitcoin began a contemporary improve above the $118,500 zone.
• The worth is buying and selling above $118,000 and the 100 hourly Easy transferring common.
• There was a break beneath a key bullish pattern line with help at $119,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair would possibly begin one other improve if it clears the $120,500 resistance zone.

Bitcoin Worth Goals Contemporary Improve

Bitcoin worth discovered help close to the $115,500 zone and began a contemporary improve. BTC was capable of climb above the $117,500 and $118,800 resistance ranges.

The worth even cleared the $120,500 resistance to maneuver right into a constructive zone. Lastly, the worth examined the $122,250 resistance zone. A excessive was fashioned at $122,273 and the worth just lately corrected some beneficial properties. There was a transfer beneath the $120,500 degree.

The worth dipped beneath the 50% Fib retracement degree of the upward transfer from the $116,282 swing low to the $122,273 excessive. In addition to, there was a break beneath a key bullish pattern line with help at $119,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling above $118,000 and the 100 hourly Easy transferring common. Speedy resistance on the upside is close to the $119,250 degree. The primary key resistance is close to the $120,500 degree.

The subsequent resistance may very well be $121,250. An in depth above the $121,250 resistance would possibly ship the worth additional larger. Within the said case, the worth might rise and check the $123,200 resistance degree. Any extra beneficial properties would possibly ship the worth towards the $124,000 degree. The primary goal may very well be $125,000.

Extra Losses In BTC?

If Bitcoin fails to rise above the $120,500 resistance zone, it might begin one other decline. Speedy help is close to the $118,200 degree. The primary main help is close to the $117,800 degree.

The subsequent help is now close to the $116,550 zone. Any extra losses would possibly ship the worth towards the $115,500 help within the close to time period. The primary help sits at $113,500, beneath which BTC would possibly proceed to maneuver down.

Technical indicators:

Hourly MACD – The MACD is now shedding tempo within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now beneath the 50 degree.

Main Help Ranges – $118,200, adopted by $116,550.

Main Resistance Ranges – $119,250 and $120,500.