💥 Bitcoin Poised to Surge — Are the Bulls Taking Over?
Bitcoin remains over $117,500. BTC is increasing and may break $118,600 to gain momentum.
Bitcoin rose well from $116,000.
The price is at $118,500 and the 100-hour SMA.
The hourly BTC/USD chart shows a negative trend line with resistance at $118,620.
If it breaks $118,620 barrier, the pair may rise again.
Bitcoin Price Sees Upturn
From $119,796 peak, bitcoin price fell. BTC entered a short-term bearish zone below $119,000 and $118,500.
Bears drove the price below the 50% Fib retracement line of the $114,733 swing low to $119,796 high. The drop accelerated and the price surged approaching the $116,000 bull support zone.
They shielded the 76.4% Fib retracement of the $114,733 swing low to $119,796 high. Prices are climbing beyond $118,000. Bitcoin is reaching $118,500 and the 100-hour SMA.
Close to $118,620 is immediate upward barrier. The hourly BTC/USD chart shows a negative trend line with resistance at $118,620.
First major resistance is at $119,200. Possible next resistance: $119,800. A closure above $119,800 barrier might boost prices. The price may surge to $120,500 barrier. 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 $118,620. Near $117,500 is immediate help. Near $116,250 is the first big support.
The next support is at $116,000. More losses might push the price toward $114,500. BTC may continue to fall below $113,500, the primary support.
The technical indications
The MACD is rising in the positive zone.
Relative Strength Index hourly BTC/USD RSI is over 50.
Major Support Levels: $117,500, $116,250.
Key Resistance Levels: $118,620, $119,800.
