Bitcoin Dips Again 📉 – But Is It Just a Healthy Pullback?
Bitcoin fails to rise beyond $117,750. BTC is falling and may touch $113,200.
Bitcoin fell below $115,500 again.
The price is below $115,500 and the 100-hour SMA.
On the hourly BTC/USD chart, a negative trend line connects to resistance at $115,200.
If it breaks $116,000, the pair may rise again.
Bitcoin Drops Again
Bitcoin began rising beyond $116,500. BTC climbed over $116,800 and $117,500 barrier before bears emerged.
At $117,920, the price peaked and fell. It fell below $116,500 and $115,500. The decrease accelerated below $115,000. After falling below the 23.6% Fib retracement level of the latest collapse from the $117,920 swing high to the $114,237 low, the price is consolidating losses.
Bitcoin has fallen below $115,500 and the 100-hour SMA. The hourly BTC/USD chart shows a negative trend line with resistance at $115,200.
There's immediate upward resistance above $115,000. First major resistance is at $115,250. Next barrier may be $116,000, the 50% Fib retracement of the current slide from the $117,920 swing high to the $114,237 low.
A closing above $116,000 barrier might boost prices. The price may increase to $116,500 resistance. More advances might push the price beyond $116,800. Bulls may face $117,250 next.
More BTC losses?
Bitcoin may fall again if it fails to break $116,000 barrier. Near $114,250 is immediate support. Near $113,500 is the first big support.
Around $113,250 is the next support. More losses might push the price toward $112,500. Bitcoin may go below $110,500, its primary support.
The technical indications
Hourly MACD - The negative zone is strengthening.
Relative Strength Index hourly BTC/USD RSI is below 50.
Major Support Levels: $114,250, $113,250.
Major Resistance Levels: $115,000, $116,000.
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