Bitcoin price is still above the $117,500 support zone. BTC is rising and might attempt to clear the $118,600 resistance zone to gain bullish momentum.
Bitcoin price started a downside correction from the $119,796 high. BTC declined below the $119,000 and $118,500 support levels to enter a short-term bearish zone.
The bears pushed the price below the 50% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The decline gained pace and the price even spiked toward the $116,000 support zone where the bulls appeared.
They protected the 76.4% Fib retracement level of the upward move from the $114,733 swing low to the $119,796 high. The price is again rising above $118,000. Bitcoin is now trading near $118,500 and the 100 hourly Simple moving average.
Immediate resistance on the upside is near the $118,620 level. There is also a bearish trend line forming with resistance at $118,620 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $119,200 level. The next resistance could be $119,800. A close above the $119,800 resistance might send the price further higher. In the stated case, the price could rise and test the $120,500 resistance level. Any more gains might send the price toward the $122,500 level. The main target could be $123,200.
If Bitcoin fails to rise above the $118,620 resistance zone, it could start another decline. Immediate support is near the $117,500 level. The first major support is near the $116,250 level.
The next support is now near the $116,000 zone. Any more losses might send the price toward the $114,500 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 gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
