Bitcoin Price Targets $118,000 Amid Continued Upward Momentum
Bitcoin's price is on an upward trajectory, currently trading above $116,650. Key points include:
- BTC began a new increase above the $116,500 zone.
- The price is below $116,500 and the 100 hourly Simple Moving Average.
- A bullish trend line with support at $115,800 is forming on the BTC/USD hourly chart.
- The pair could rise further if it surpasses the $117,850 resistance zone.
Potential for Further Gains
Bitcoin recently broke through the $116,200 and $116,500 resistance levels, reaching a high of $117,920 before correcting downward to test the 50% Fibonacci level. Support was found near $116,750.
Immediate resistance is at $117,500 and $117,850, with a close above $118,000 potentially pushing the price towards $118,500 and beyond. Further resistance levels are expected at $118,800 and $119,250.
Potential Decline
If unable to clear $117,850, Bitcoin might decline. Immediate support lies at $116,550, with major support at $115,800. A dip below $115,250 could lead to $114,500, with significant support at $112,500.
Technical Indicators:
- Hourly MACD is losing pace in the bullish zone.
- Hourly RSI is above 50 for BTC/USD.
Support Levels: $116,550, $115,800
Resistance Levels: $117,850, $118,000