Bitcoin Price Trades Sideways Under $120K—Will Bulls Regain Control?


Bitcoin value is correcting beneficial properties beneath the $121,200 zone. BTC is now consolidating and would possibly goal for a transfer above the $120,500 resistance zone.

  • Bitcoin began a draw back correction beneath the $121,200 zone.
  • The value is buying and selling above $118,000 and the 100 hourly Easy shifting common.
  • There’s a bullish development line forming with help at $118,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair would possibly begin one other improve if it clears the $120,250 resistance zone.

Bitcoin Value Holds Key Assist

Bitcoin value failed to increase beneficial properties above $122,250 and began a downside correction. BTC corrected beneficial properties and traded beneath the $121,200 help zone.

There was a transfer beneath the $120,500 stage. The value dipped beneath the 50% Fib retracement stage of the upward transfer from the $116,282 swing low to the $122,272 excessive. Lastly, the worth spiked beneath the $118,500 help and examined the 100 hourly Easy shifting common.

Bitcoin is now buying and selling above $118,000 and the 100 hourly Simple moving average. There may be additionally a bullish development line forming with help at $118,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price
Supply: BTCUSD on TradingView.com

Instant resistance on the upside is close to the $120,000 stage. The primary key resistance is close to the $120,250 stage. The following resistance could possibly be $120,850. A detailed above the $120,850 resistance would possibly ship the worth additional increased. Within the acknowledged case, the worth might rise and take a look at the $122,250 resistance stage. Any extra beneficial properties would possibly ship the worth towards the $124,000 stage. The primary goal could possibly be $125,000.

Extra Losses In BTC?

If Bitcoin fails to rise above the $120,500 resistance zone, it might begin one other decline. Instant help is close to the $118,600 stage or the 61.8% Fib retracement stage of the upward transfer from the $116,282 swing low to the $122,272 excessive. The primary main help is close to the $117,800 stage.

The following help is now close to the $116,550 zone. Any extra losses would possibly ship the worth towards the $115,500 help within the close to time period. The primary help sits at $113,500, beneath which BTC would possibly proceed to maneuver down.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 50 stage.

Main Assist Ranges – $118,600, adopted by $117,800.

Main Resistance Ranges – $120,250 and $120,850.



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