Bitcoin Price Retreats From Highs – Is The Market Signaling A Short-Term Top?

Bitcoin price struggled to surpass $126,200 and corrected ￰0￱ is now consolidating near $122,000 and might aim for a recovery ￰1￱ started a downside correction below the $125,000 ￰2￱ price is trading below $124,000 and the 100 hourly Simple moving ￰3￱ is a key bearish trend line forming with resistance at $123,500 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 $120,500 ￰4￱ Price Corrects Gains Bitcoin price extended gains above the $124,000 ￰5￱ climbed above the $125,000 and $125,500 resistance levels before the bears appeared. A new high was formed at $126,198 before there was a downside ￰6￱ price dipped below the $124,000 support ￰7￱ was a sharp move and the price tested the $120,500 ￰8￱ price is now consolidating near the 23.6% Fib retracement level of the recent decline from the $126,191 swing high to the $120,694 ￰9￱ is now trading below $124,000 and the 100 hourly Simple moving average .

Besides, there is a key bearish trend line forming with resistance at $123,500 on the hourly chart of the BTC/USD ￰10￱ resistance on the upside is near the $122,250 ￰11￱ first key resistance is near the $123,500 level and the trend ￰12￱ is close to the 50% Fib level of the recent decline from the $126,191 swing high to the $120,694 ￰13￱ next resistance could be $124,200. A close above the $124,200 resistance might send the price further ￰14￱ the stated case, the price could rise and test the $125,500 ￰15￱ more gains might send the price toward the $126,000 ￰16￱ next barrier for the bulls could be $126,200. More Losses In BTC? If Bitcoin fails to rise above the $123,500 resistance zone, it could start a fresh ￰17￱ support is near the $121,200 ￰18￱ first major support is near the $120,500 ￰19￱ next support is now near the $118,500 ￰20￱ more losses might send the price toward the $116,200 support in the near ￰21￱ main support sits at $115,500, below which BTC might struggle to recover in the short ￰22￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰23￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰24￱ Support Levels – $121,200, followed by $120,500.

Major Resistance Levels – $122,250 and $123,500.