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Bitcoin Price Faces Big Test – Resistance Could Decide Next Move

Bitcoin worth is shifting larger above $116,500. BTC is now dealing with hurdles and may acquire bullish momentum if it clears the $117,250 resistance zone.

  • Bitcoin began a contemporary enhance above the $116,200 zone.
  • The worth is buying and selling beneath $116,200 and the 100 hourly Simple shifting common.
  • There is a key bullish development line forming with assist at $115,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may begin one other enhance if it clears the $117,250 zone.

Bitcoin Price Faces Key Hurdle

Bitcoin worth began a contemporary upward wave above the $115,500 zone. BTC managed to climb above the $116,000 and $116,200 resistance ranges.

The bulls had been capable of push the worth above $117,000. The worth traded as high as $117,291 and lately began a draw back correction. There was a transfer beneath the $116,800 degree. The worth dipped beneath the 50% Fib retracement degree of the current transfer from the $114,157 swing low to the $117,291 high.

However, the bulls had been energetic close to $115,000 and the 61.8% Fib retracement degree of the recent move from the $114,157 swing low to the $117,291 high. Bitcoin is now buying and selling above $116,200 and the 100 hourly Simple shifting common. Besides, there’s a key bullish development line forming with assist at $115,500 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $116,950 degree. The first key resistance is close to the $117,250 degree. The subsequent resistance may very well be $117,800. A detailed above the $117,800 resistance may ship the worth additional larger. In the said case, the worth may rise and check the $118,500 resistance degree. Any extra features may ship the worth towards the $118,800 degree. The subsequent barrier for the bulls may very well be $119,250.

Another Drop In BTC?

If Bitcoin fails to rise above the $117,250 resistance zone, it may begin a contemporary decline. Immediate assist is close to the $116,200 degree. The first main assist is close to the $115,500 degree or the development line.

The subsequent assist is now close to the $115,000 zone. Any extra losses may ship the worth towards the $114,500 assist within the close to time period. The important assist sits at $112,500, beneath which BTC may decline closely.

Technical indicators:

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

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

Major Support Levels – $115,500, adopted by $115,000.

Major Resistance Levels – $116,950 and $117,250.

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