Bitcoin prices exceed $116,650. BTC is currently facing hurdles and could extend its profits by clearing the $118,000 resistance zone.
Bitcoin has begun a new increase beyond the $116,500 zone. The price is below $116,500 and trades a 100-hour simple moving average. The hourly chart of the BTC/USD pair (data feed from Kraken) has an important bullish trend line formed with a support of $115,800. Clearing the $117,850 zone could cause the pair to start another increase.
Bitcoin prices increase
Bitcoin prices have started a fresh upward wave that surpasses the $116,000 zone. The BTC was able to rise above the $116,200 and $116,500 resistance levels.
The Bulls were able to push prices above $117,500. The price traded to $117,920 and recently began revising the downside. There was a move below the $117,200 level. Prices were tested by dipping 50% FIB retracement levels from a swing of $115,247 to $117,920 into upward moving levels.
However, the bull was active for nearly $116,750. Bitcoin is currently trading over $116,500 and trades a simple moving average every 100 hours. What’s more, the BTC/USD pair hourly wage chart has $115,800 in support, forming a major bullish trend line.
Immediate resistance is close to the $117,500 level. The first important resistance is close to the $117,850 level. The next resistance could be $118,000. Over $118,000 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 does not rise above the $117,850 resistance zone, it could begin a new decline. Immediate support is close to the $116,550 level. The first major support is closer to the $115,800 level or trendline, with a 76.4% FIB retracement level from a swing low of $115,247 to an upward level of $117,920.
The following support is located near the $115,250 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 losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $116,550, followed by $115,800.
Major resistance levels – $117,850 and $118,000.
