Bitcoin prices exceed $116,500. BTC is currently facing hurdles and could gain bullish momentum once it clears the $117,250 resistance zone.
Bitcoin has begun a new increase beyond the $116,200 zone. The price is below $116,200 and trades a simple 100-hour moving average. The hourly chart of the BTC/USD pair (data feed from Kraken) has $115,500 in support, forming a major bullish trend line. The pair may start another increase once they clear the $117,250 zone.
Bitcoin prices face important hurdles
Bitcoin prices have started a fresh upward wave beyond the $115,500 zone. The BTC was able to surpass the $116,000 and $116,200 resistance levels.
The Bulls managed to exceed $117,000 in price. The price has traded to $117,291 and recently began a downside revision. There was a move below the $116,800 level. Prices have fallen below the 50% FIB retracement level from the recent $114,157 swing to $117,291.
However, the Bulls have been active at nearly $115,000, with a recent 61.8% FIB retracement level of FIBs has been moving from a low swing of $114,157 to $117,291. Bitcoin is currently trading over $116,200 and trades a simple moving average every 100 hours. What’s more, the BTC/USD pair hourly wage chart has $115,500 in support, creating a major bullish trendline.
Immediate resistance is close to the $116,950 level. The first important resistance is close to the $117,250 level. The next resistance could be $117,800. Over $117,800 resistance could lead to even higher prices. If stated, the price may test a resistance level of $118,500. Any further profit could potentially send the price towards the $118,800 level. The Bulls’ next barrier could be $119,250.
Another drop in BTC?
If Bitcoin cannot rise beyond the $117,250 resistance zone, it could begin a new decline. Immediate support is close to the $116,200 level. The first major support is closer to the $115,500 level or trendline.
The following support is located near the $115,000 zone: Any further losses could send the price to $114,500 in the short term. The main support is $112,500, and BTC could drop significantly.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $115,500, then $115,000.
Major resistance levels – $116,950 and $117,250.
