Bitcoin prices failed to extend profits above $117,750. The BTC is running lower than it is now and can also test the $113,200 support zone.
Bitcoin has begun a new decline below the $115,500 zone. It costs under $115,500 and trades a simple 100-hour moving average. On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trend line connecting with resistance, with resistance formed at $115,200. The pair may start another increase once they clear the $116,000 zone.
Bitcoin prices drop again
Bitcoin prices have started a fresh upward wave that surpasses the $116,500 zone. The BTC managed to surpass the $116,800 and $117,500 resistance levels before the bears appeared.
The high formed at $117,920, and prices began to decline new. There was a move below the $116,500 and $115,500 levels. The decline fell below the $115,000 level. The lowest is formed at $114,237, and the price currently combines losses below the 23.6% FIB retracement level of the recent decline from the recent 117,920 Swing High to a low of $114,237.
Bitcoin is currently below $115,500 and trades a simple moving average every 100 hours. What’s more, the hourly chart of the BTC/USD pair has a bearish trendline where resistance forms at $115,200.
Immediate resistance is close to the $115,000 level. The first important resistance is close to the $115,250 level. The next resistance could be a 50% FIB retracement level from $116,000 or the recent swing high of $117,920 to $114,237.
Over $116,000 resistance could lead to even higher prices. If stated, the price could rise and test resistance level $116,500. Any further profit could potentially send the price towards the $116,800 level. The Bulls’ next barrier could be $117,250.
More losses in BTC?
If Bitcoin does not rise above the $116,000 resistance zone, it could begin a new decline. Immediate support is close to the $114,250 level. The first major support is close to the $113,500 level.
The following support is located near the $113,250 zone: Any further losses could send the price to $112,500 in the short term. The main support is $110,500, and BTC could drop significantly.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $114,250, followed by $113,250.
Major resistance levels – $115,000 and $116,000.
