Bitcoin Correction Deepens – Traders Cautious As Downside Pressure Builds Further

Bitcoin price corrected gains and traded below the $124,000 ￰0￱ is now struggling and might continue to move down below $120,000. Bitcoin started a downside correction below the $123,200 ￰1￱ price is trading below $123,000 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it trades below the $120,000 ￰3￱ Price Dips Further Bitcoin price failed to stay above the $125,000 zone and started a fresh ￰4￱ dipped below the $124,000 support to enter a short-term bearish ￰5￱ bears even pushed the price below $121,200.

A low was formed at $119,810 and the price recently recovered some ￰6￱ was a move toward the 50% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 low. However, the bears are still active near $121,750. Bitcoin is now trading below $121,500 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $122,750 on the hourly chart of the BTC/USD ￰7￱ resistance on the upside is near the $121,750 ￰8￱ first key resistance is near the $122,250 level and the 61.8% Fib retracement level of the recent decline from the $123,750 swing high to the $119,810 ￰9￱ next resistance could be $122,750 and the trend line.

A close above the $122,750 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $123,500 ￰11￱ more gains might send the price toward the $124,000 ￰12￱ next barrier for the bulls could be $125,500. More Losses In BTC? If Bitcoin fails to rise above the $122,750 resistance zone, it could start a fresh ￰13￱ support is near the $120,750 ￰14￱ first major support is near the $120,000 ￰15￱ next support is now near the $118,500 ￰16￱ more losses might send the price toward the $116,500 support in the near ￰17￱ main support sits at $115,500, below which BTC might struggle to recover in the short ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰20￱ Support Levels – $120,750, followed by $120,000.

Major Resistance Levels – $122,750 and $123,500.