Bitcoin prices have revised profits from $116,500. BTC is currently integrated and could begin a new decline if it falls below the $116,500 resistance zone.
Bitcoin has begun a new increase beyond the $115,000 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 where resistance forms at $115,350. Clearing the $116,500 zone could cause the pair to start another increase.
Bitcoin prices struggle to continue higher
Bitcoin prices have started a fresh upward wave that surpasses the $113,500 zone. The BTC was able to surpass the $114,500 and $115,000 resistance levels.
The Bulls managed to exceed $116,000 and $116,200 in prices. The price reached $116,743 and has started a recent lower correction. There was a slight drop below the $116,000 zone. Prices are below the 23.6% FIB retracement level from the recent $110,815 Swing Low to $116,743.
Bitcoin is currently below $115,500 and trades a simple moving average every 100 hours. What’s more, there’s a bearish trendline in which resistance forms at $115,350 on the BTC/USD pair hourly wage chart.
Immediate resistance is close to the $115,350 level. The first important resistance is close to the $116,150 level. The next resistance could be $116,750. Over the $116,750 resistance could lead to even higher prices. If stated, the price may test a resistance level of $117,500. Any further profit could potentially send the price towards the $118,500 level. The Bulls’ next barrier could be $118,800.
Continuing the shortcomings in BTC?
If Bitcoin does not rise above the $116,150 resistance zone, it could begin a new decline. Immediate support is close to the $114,500 level. The first major support is close to the $113,750 level or a 50% FIB level from the recent $110,815 Swing Low to $116,743.
The following support is located near the $113,200 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $114,500, followed by $113,750.
Major resistance levels – $116,150 and $116,750.
