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Bitcoin Pauses Below Key Levels – Can It Regain Momentum For A Rally?

Bitcoin value corrected good points and traded beneath the $125,000 pivot stage. BTC is now consolidating close to $122,200 and would possibly battle to rally above $125,000s.

  • Bitcoin began a draw back correction beneath the $124,000 stage.
  • The value is buying and selling beneath $123,500 and the 100 hourly Simple shifting common.
  • There is a bullish development line forming with help at $122,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly proceed to maneuver down if it trades beneath the $122,000 zone.

Bitcoin Price Dips Again

Bitcoin value extended gains above the $125,000 zone. BTC climbed above the $125,250 and $125,500 resistance ranges earlier than the bears appeared.

A new high was shaped at $126,198 earlier than there was a correction. The value dipped beneath the $123,000 help zone and examined the $120,500 area. A low as shaped at $120,694 and the worth lately recovered above the 50% Fib retracement stage of the latest decline from the $126,191 swing high to the $120,694 low.

However, the bears are nonetheless lively close to $124,000. Bitcoin is now buying and selling beneath $123,500 and the 100 hourly Simple shifting common. Besides, there’s a bullish development line forming with help at $122,200 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $123,450 stage. The first key resistance is close to the $124,000 stage and the 61.8% Fib retracement stage of the latest decline from the $126,191 swing high to the $120,694 low.

The subsequent resistance might be $124,850. A shut above the $124,850 resistance would possibly ship the worth additional larger. In the acknowledged case, the worth may rise and check the $125,500 resistance. Any extra good points would possibly ship the worth towards the $126,000 stage. The subsequent barrier for the bulls might be $126,200.

More Losses In BTC?

If Bitcoin fails to rise above the $124,000 resistance zone, it may begin a contemporary decline. Immediate help is close to the $122,000 stage. The first main help is close to the $121,200 stage.

The subsequent help is now close to the $120,500 zone. Any extra losses would possibly ship the worth towards the $118,500 help within the close to time period. The principal help sits at $116,800, beneath which BTC would possibly battle to get better within the quick time period.

Technical indicators:

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

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

Major Support Levels – $122,000, adopted by $121,200.

Major Resistance Levels – $124,00 and $124,850.

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