Bitcoin Pauses Below Key Levels – Can It Regain | Crypto News
Bitcoin price corrected features and traded below the $125,000 pivot degree. BTC is now consolidating close to $122,200 and would possibly wrestle to rally above $125,000s.
- Bitcoin began a draw back correction below the $124,000 degree.
- The price is trading below $123,500 and the 100 hourly Simple shifting average.
- There is a bullish development line forming with assist at $122,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly continue to transfer down if it trades below the $122,000 zone.
Bitcoin Price Dips Again
Bitcoin price prolonged features above the $125,000 zone. BTC climbed above the $125,250 and $125,500 resistance ranges before the bears appeared.
A new high was shaped at $126,198 before there was a correction. The price dipped below the $123,000 assist zone and examined the $120,500 area. A low as shaped at $120,694 and the price not too long ago recovered above the 50% Fib retracement degree of the latest decline from the $126,191 swing high to the $120,694 low.
However, the bears are still lively close to $124,000. Bitcoin is now trading below $123,500 and the 100 hourly Simple shifting average. Besides, there’s a bullish development line forming with assist at $122,200 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $123,450 degree. The first key resistance is close to the $124,000 degree and the 61.8% Fib retracement degree of the latest decline from the $126,191 swing high to the $120,694 low.
The next resistance might be $124,850. A close above the $124,850 resistance would possibly ship the price additional larger. In the said case, the price might rise and check the $125,500 resistance. Any more features would possibly ship the price toward the $126,000 degree. The next barrier for the bulls might be $126,200.
More Losses In BTC?
If Bitcoin fails to rise above the $124,000 resistance zone, it might start a recent decline. Immediate assist is close to the $122,000 degree. The first major assist is close to the $121,200 degree.
The next assist is now close to the $120,500 zone. Any more losses would possibly ship the price toward the $118,500 assist in the close to time period. The main assist sits at $116,800, below which BTC would possibly wrestle to recuperate in the short time period.
Technical indicators:
Hourly MACD – The MACD is now shedding tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 degree.
Major Support Levels – $122,000, adopted by $121,200.
Major Resistance Levels – $124,00 and $124,850.
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