🔥 Bitcoin Poised for a Break—Will the Bulls Deliver the Final Blow? 🚀📊
Bitcoin is seeking a break over $118,000. BTC must break $120,000 to rise soon.
Bitcoin rose again after clearing $118,000.
The price is over $118,500 and the 100-hour SMA.
BTC/USD broke over a negative trend line with resistance around $118,000 on the hourly chart.
The pair may rise again if it breaks $120,000 resistance.
Bitcoin Price Goals Higher
Bitcoin began a drop below $118,500. BTC fell below $118,000 and touched $116,200.
A low at $116,260 sparked another rise. A nice advance occurred over $118,000 and $118,500. BTC/USD broke over a negative trend line with resistance around $118,000 on the hourly chart.
Pair tried to break $120,000 resistance. A high was set above $120,237, and the price is consolidating gains near the 23.6% Fib retracement line of the upward run from $116,260 swing low to high.
Bitcoin is over $118,500 and the 100-hour SMA. The $119,800 level represents immediate upward resistance. First major resistance is at $120,200.
Next resistance may be $121,000. A close above $121,000 resistance might boost prices. The price may increase to $122,500 resistance. More increases might push the price beyond $122,500. The goal may be $123,200.
Another BTC Drop?
Bitcoin may fall again if it fails to break $120,200. Near $119,200 is immediate support. Near $118,500 is the first big support.
Around $118,200 is the next support. More losses might push the price toward $116,500. BTC may continue to fall below $115,000, the primary support.
The technical indications
Hourly MACD - MACD is falling in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $119,200, $118,500.
Key Resistance Levels: $120,200, $121,000.
