Bitcoin price has started a new increase over the $ 118,500 region. BTC was trading to a new height above $ 120,000 and recently began a negative correction.
- Bitcoin has started a new increase over the $ 120,000 region.
- The price is traded near $ 118,500 and the simple moving average is 100 hours.
- There was a lower break from the bullish trend line with support at $ 119,800 on the watch chart for the BTC/USD (data feeding from Kraken).
- The husband may start another increase if he wipes the resistance area of $ 120,500.
Bitcoin prices set new ATH
The price of Bitcoin has started a new increase after clearing the resistance area of $ 116,500. BTC has gained a pace for a step higher than $ 118,000 and a resistance of $ 120,000.
The bulls pumped the pair over the resistance area of $ 122,000. The highest new level has ever formed at $ 123,140, and the price now unifies the gains. There was a step less than the level of FIB re -declining by 23.6 % of the bullish transition from the tower decrease of $ 108,636 to an increase of $ 123,140.
Moreover, there was a lower break from the upper direction line with support at $ 119,800 on the watch chart for the BTC/USD pair. Bitcoin is now trading near 118,500 dollars and the simple moving average is 100 hours.
The immediate resistance is approaching the upper direction near the level of $ 119,550. The first main resistance is located near the level of $ 120,500. The following resistance can be $ 122,000. The closure above the resistance of $ 122,000 may be the price up. In the specified case, the price and the resistance level will rise 123,200 dollars. Any other gains may send the price to the level of $ 125,000. The main goal can be $ 130,000.
Correct the negative side in BTC?
If Bitcoin fails to rise above the 120,500 dollars resistance area, it may start a negative correction. Immediate support is near the level of $ 117500. The first main support is approaching the level of $ 115,800 or the level of FIB decline by 50 % of the upward transition from the elevation rise of 108,636 dollars to an increase of $ 12,3140.
The next support is now near $ 114,000. Any other losses may send the price towards $ 112,500 in the short term. The main support sits at 110,500 dollars, below that may continue to move.
Technical indicators:
MACD every hour – MACD is now losing a pace in the upper area.
RSI clock (RSI RSI) for BTC/USD is now less than 50 level.
Main support levels – $ 117,500, followed by $ 115,800.
Main resistance levels – 120,500 dollars and 122,000 dollars.
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