Bitcoin Price Trends and Resistance Levels
Bitcoin prices are looking to push beyond the $118,500 resistance. For a more bullish trend in the short term, it will need to clear the $120,250 hurdle.
- Bitcoin has started to rise after moving past the $118,000 mark.
- The current price is above $118,600, which aligns with a simple moving average over the past 100 hours.
- A bullish trend line is forming on the hourly chart of the BTC/USD pair, with support around $118,200.
- If the price manages to breach the $120,000 resistance, we may see further increases.
Bitcoin commenced a corrective phase after reaching the resistance at $120,250, dipping below $118,500 to test the $118,000 level.
The price fell below the 50% FIB retracement level, noting a swing low of $116,260 to a peak of $120,237. However, bulls seem to regroup around the $117,500 support zone, where an important bullish trend line exists.
Currently, Bitcoin is trading above $118,600 and following a simple moving average over 100 hours. The immediate resistance is near $119,300, with a crucial barrier at $120,000.
The next significant resistance to watch is at $120,250. If Bitcoin surpasses this level, prices could surge even higher, potentially testing the $122,500 resistance. A further rally might see prices target $123,200.
Potential for Another Decline?
Should Bitcoin fail to break through the $120,250 resistance zone, another decline could be on the horizon. Immediate support is around the $118,500 mark. The first major support could be at $117,200 or the 76.4% FIB retracement level linked to the swing low of $116,260 and peak of $120,237.
Additional support can be found near $116,250. If losses continue, Bitcoin could dip to $115,000 in the short term. The main support level is set at $113,500, which could lead to further declines afterward.
Technical indicators:
- HOURLY MACD – Currently showing an uptrend within the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is above the 50 level.
- Key support levels – $118,250 and $116,250.
- Major resistance levels – $119,250 and $120,250.
