Bitcoin Price Keeps Climbing – Are We Hours Away | Crypto News
Bitcoin price is transferring greater above $116,650. BTC is now dealing with hurdles and may lengthen positive aspects if it clears the $118,000 resistance zone.
- Bitcoin began a recent increase above the $116,500 zone.
- The price is trading below $116,500 and the 100 hourly Simple transferring average.
- There is a key bullish pattern line forming with assist at $115,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may start another increase if it clears the $117,850 zone.
Bitcoin Price Eyes More Gains
Bitcoin price began a recent upward wave above the $116,000 zone. BTC managed to climb above the $116,200 and $116,500 resistance ranges.
The bulls have been in a position to push the price above $117,500. The price traded as high as $117,920 and not too long ago began a draw back correction. There was a transfer below the $117,200 stage. The price dipped and examined the 50% Fib retracement stage of the upward transfer from the $115,247 swing low to the $117,920 high.
However, the bulls have been energetic close to $116,750. Bitcoin is now trading above $116,500 and the 100 hourly Simple transferring average. Besides, there may be a key bullish pattern line forming with assist at $115,800 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $117,500 stage. The first key resistance is close to the $117,850 stage. The next resistance may very well be $118,000. A close above the $118,000 resistance may ship the price additional greater. In the said case, the price may rise and take a look at the $118,500 resistance stage. Any more positive aspects may ship the price toward the $118,800 stage. The next barrier for the bulls may very well be $119,250.
Another Drop In BTC?
If Bitcoin fails to rise above the $117,850 resistance zone, it may start a recent decline. Immediate assist is close to the $116,550 stage. The first major assist is close to the $115,800 stage or the pattern line and the 76.4% Fib retracement stage of the upward transfer from the $115,247 swing low to the $117,920 high.
The next assist is now close to the $115,250 zone. Any more losses may ship the price toward the $114,500 assist in the close to time period. The main assist sits at $112,500, below which BTC may decline closely.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $116,550, adopted by $115,800.
Major Resistance Levels – $117,850 and $118,000.
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