$BTC If Bitcoin fails to rise above the $120,500 resistance zone, it could start another decline. Immediate support is near the $118,600 level. The first major support is near the $117,800 level.
The next support is now near the $117,250 zone or the 50% Fib retracement level of the upward move from the $114,733 swing low to the $119,795 high. Any more losses might send the price toward the $116,600 support in the near term. The main support sits at $115,500, below which BTC might continue to move down.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $118,600, followed by $117,250.
Major Resistance Levels – $119,800 and $120,500.
