Below $115,500, bitcoin rises. BTC remains negative and could drop below $112,000 again.
Bitcoin has fallen below $116,500 again.
The price is below $115,500 and the 100-hour SMA.
On the hourly BTC/USD chart, a negative trend line with resistance around $115,400 is formed.
If it breaks the $115,500 barrier, the pair could rise again.
New drop in Bitcoin price
Bitcoin has fallen further after closing below $118,000. BTC has dropped below $116,500.
Below the $115,500 support zone and the 100-hour simple moving average. They attempted $112,500. The price stabilizes below the 23.6% Fibonacci retracement level of the last drop from the peak of $124,420 to the low of $112,610.
Bitcoin has fallen below $116,000 and the 100-hour SMA. Near $114,200 is an immediate barrier to the upside. The first major resistance is at $115,000. The hourly BTC/USD chart shows a negative trend line with resistance around $115,400.
The next obstacle could be $115,500. A close above the $115,500 barrier could drive prices up. The price could soar towards the resistance at $118,500. It is around the 50% Fibonacci retracement level of the last drop from the peak of $124,420 to the low of $112,610. Further increases could push the price above $120,000. The target could be $121,500.
More losses for BTC?
Bitcoin could drop again if it fails to break the $115,000 barrier. Support around $112,500 is immediate. The first major support is around $112,000.
Around $110,500 is the next support. Further losses could push the price towards $110,000. BTC could drop below $108,000, the major support.
Technical indicators
Hourly MACD - The negative zone is strengthening.
The hourly BTC/USD Relative Strength Index (RSI) is below 50.
Major support levels: $112,500, $110,500.
Major resistance levels: $115,000, $115,500.
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