$BTC If Bitcoin fails to rise above the $118,620 resistance zone, it could start another decline. Immediate support is near the $117,500 level. The first major support is near the $116,250 level.
The next support is now near the $116,000 zone. Any more losses might send the price toward the $114,500 support in the near term. The main support sits at $113,500, 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 – $117,500, followed by $116,250.
Major Resistance Levels – $118,620 and $119,800.
