Bitcoin price has started a new increase over the $ 116,500 region. BTC has now increased more than 2 %, has been traded to a new level, and gains may extend over the level of $ 122,000.
- Bitcoin has started a new increase over the $ 118,500 region.
- The price is traded above 118,500 dollars and the simple moving average is 100 hours.
- There is a bullish trend line that is formed with support at $ 119,000 on the watch chart for the BTC/USD (data feeding from Kraken).
- The husband can continue to rise if he wipes the resistance area of $ 122,000.
Bitcoin prices set new ATH
The price of Bitcoin has started a new increase after clearing the resistance area of $ 115,500. BTC has gained a pace for a step higher than $ 116,000 and $ 118,500 resistance.
The bulls pumped the pair over the resistance area of $ 120,000. The highest new level has ever formed at 122,550 dollars, and the price now unifies the highest gains of RERERERRERDING 23.6 % of the upward transition from the decrease of oscillation of $ 116,679 to 122,550 dollars.
Bitcoin is now trading above $ 120,000 and a simple moving average 100 hours. There is also a bullish trend line that is formed with support at $ 119,000 on the watch chart for BTC/USD.
Immediate resistance is approaching the upper side of the level of $ 122,550. The first main resistance is located near the level of 1123,500 dollars. The following resistance can be $ 124,000.
The closure above the resistance of $ 124,000 may be the price up. In the aforementioned case, the price and the resistance level of $ 128,000 may rise. Any other gains may send the price to a level of $ 128,800. The main goal can be $ 130,000.
Correct the negative side in BTC?
If Bitcoin fails to rise over the 122,500 -dollar resistance area, it may start a negative correction. Immediate support is near 121,500 dollars. The first main support is approaching the level of $ 119,500 or the level of FIB’s decline by 50 % of the upward transition from the decrease of oscillation of $ 116,679 to 122,550 dollars.
The next support is now near a $ 119,000 region. Any other losses may send the price towards $ 118,500 in the short term. The main support sits at 116,500 dollars, below that may continue to move.
Technical indicators:
MACD every hour – MACD is now acquired in the upscale area.
RSI clock (RSI) RSI for BTC/USD now higher than 50 level.
Main support levels – 122,500 dollars, followed by $ 125,000.
Main resistance levels – 121,500 dollars and $ 119,000.
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