Bitcoin Price Corrects Below $118,000, Eyes $112,000 Support Zone
Bitcoin is correcting, trading below $118,000 and showing bearish signals. A decline towards the $112,000 zone is possible.
- Bitcoin is in a downside correction below $118,000.
- Current trading level is below $116,500 and the 100 hourly Simple Moving Average.
- A bearish trend line is forming with resistance at $118,000 on the hourly chart.
- A potential increase may occur if Bitcoin clears the $118,000 resistance.
Recent Price Movements
Bitcoin began a decline after closing below $120,000, losing momentum and dropping below the $118,500 support.
It tested the $114,750 zone with a low of $114,715, currently consolidating under the 23.6% Fib retracement level from the recent decline.
Trading occurs below $117,000 and the 100 hourly Simple Moving Average. Immediate resistance is near $117,000, with key resistance at $118,000.
Potential resistance levels include $118,500 and $119,500. A close above $118,500 could lead to further gains, targeting $120,000 or $121,500.
Possible Further Losses
If Bitcoin does not surpass the $118,000 resistance, it may decline further.
Immediate support is at $115,000 followed by $114,750. Additional losses could push prices towards $113,500 and potentially $112,000. The main support is at $110,000.
Technical indicators show:
Hourly MACD is gaining bearish momentum.
Hourly RSI is below the 50 level.
Major support levels are $115,000 and $113,500.
Major resistance levels are $118,000 and $118,500.