Bitcoin Correction Deepens – Traders Cautious As | Crypto News
Bitcoin price corrected positive aspects and traded below the $124,000 degree. BTC is now struggling and may continue to transfer down below $120,000.
- Bitcoin began a draw back correction below the $123,200 degree.
- The price is trading below $123,000 and the 100 hourly Simple transferring average.
- There is a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to transfer down if it trades below the $120,000 zone.
Bitcoin Price Dips Further
Bitcoin price failed to keep above the $125,000 zone and began a contemporary decline. BTC dipped below the $124,000 help to enter a short-term bearish zone.
The bears even pushed the price below $121,200. A low was fashioned at $119,810 and the price lately recovered some losses. There was a transfer toward the 50% Fib retracement degree of the current decline from the $123,750 swing high to the $119,810 low.
However, the bears are still energetic close to $121,750. Bitcoin is now trading below $121,500 and the 100 hourly Simple transferring average. Besides, there may be a bearish pattern line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $121,750 degree. The first key resistance is close to the $122,250 degree and the 61.8% Fib retracement degree of the current decline from the $123,750 swing high to the $119,810 low.
The next resistance might be $122,750 and the pattern line. A close above the $122,750 resistance may ship the price additional greater. In the said case, the price may rise and take a look at the $123,500 resistance. Any more positive aspects may ship the price toward the $124,000 degree. The next barrier for the bulls might be $125,500.
More Losses In BTC?
If Bitcoin fails to rise above the $122,750 resistance zone, it may start a contemporary decline. Immediate help is close to the $120,750 degree. The first major help is close to the $120,000 degree.
The next help is now close to the $118,500 zone. Any more losses may ship the price toward the $116,500 help in the close to time period. The main help sits at $115,500, below which BTC may wrestle to get better in the short time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 degree.
Major Support Levels – $120,750, adopted by $120,000.
Major Resistance Levels – $122,750 and $123,500.
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