|

Bitcoin Price Retreats From Highs – Is The Market Signaling A Short-Term Top?

Bitcoin worth struggled to surpass $126,200 and corrected features. BTC is now consolidating close to $122,000 and may intention for a restoration wave.

  • Bitcoin began a draw back correction under the $125,000 stage.
  • The worth is buying and selling under $124,000 and the 100 hourly Simple transferring common.
  • There is a key bearish development line forming with resistance at $123,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it trades under the $120,500 zone.

Bitcoin Price Corrects Gains

Bitcoin worth extended gains above the $124,000 zone. BTC climbed above the $125,000 and $125,500 resistance ranges earlier than the bears appeared.

A new high was shaped at $126,198 earlier than there was a draw back correction. The worth dipped under the $124,000 help zone. There was a pointy transfer and the worth examined the $120,500 area. The worth is now consolidating close to the 23.6% Fib retracement stage of the current decline from the $126,191 swing high to the $120,694 low.

Bitcoin is now buying and selling under $124,000 and the 100 hourly Simple moving average. Besides, there’s a key bearish development line forming with resistance at $123,500 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $122,250 stage. The first key resistance is close to the $123,500 stage and the development line. It is near the 50% Fib stage of the current decline from the $126,191 swing high to the $120,694 low.

The subsequent resistance may very well be $124,200. A shut above the $124,200 resistance may ship the worth additional larger. In the said case, the worth may rise and take a look at the $125,500 resistance. Any extra features may ship the worth towards the $126,000 stage. The subsequent barrier for the bulls may very well be $126,200.

More Losses In BTC?

If Bitcoin fails to rise above the $123,500 resistance zone, it may begin a recent decline. Immediate help is close to the $121,200 stage. The first main help is close to the $120,500 stage.

The subsequent help is now close to the $118,500 zone. Any extra losses may ship the worth towards the $116,200 help within the close to time period. The major help sits at $115,500, under which BTC may battle to get well within the brief time period.

Technical indicators:

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

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

Major Support Levels – $121,200, adopted by $120,500.

Major Resistance Levels – $122,250 and $123,500.

Similar Posts