Bitcoin Price Dips — Is This the Calm Before the Surge or the Storm?

Bitcoin price started a downside correction from the $123,200 zone.

BTC is now trading below $120,000 and might find bids near the $115,500 zone.

Bitcoin started a fresh decline from the new all-time high near $123,200. The price is trading below $120,000 and the 100 hourly Simple moving average.

There was a break above a bearish trend line with resistance at $117,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair might start another increase if it clears the $120,000 resistance zone.

Bitcoin Price Corrects From New ATH Bitcoin price started a fresh increase after it cleared the $118,500 resistance zone.

BTC gained pace for a move above the $120,000 and $122,000 resistance.

The bulls even pumped the pair above the $123,000 zone.

A new all-time high was formed at $123,140 and the price is now correcting gains.

There was a move below the 23.6% Fib retracement level of the upward move from the $108,636 swing low to the $123,140 high.

Bitcoin is now trading below $120,500 and the 100 hourly Simple moving average .

However, the price is holding the 50% Fib level of the upward move from the $108,636 swing low to the $123,140 high.

Besides, there was a break above a bearish trend line with resistance at $117,300 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is near the $118,500 level.

The first key resistance is near the $120,000 level.

The next resistance could be $122,000. A close above the $122,000 resistance might send the price further higher.

In the stated case, the price could rise and test the $123,200 resistance level.

Any more gains might send the price toward the $125,000 level.

The main target could be $130,000. More Losses In BTC? If Bitcoin fails to rise above the $120,000 resistance zone, it could continue to move down.

Immediate support is near the $115,850 level.

The first major support is near the $115,500 level.

The next support is now near the $114,150 zone.

Any more losses might send the price toward the $112,500 support in the near term.

The main support sits at $110,500, below which BTC might continue to move down.

Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $115,500, followed by $114,150. Major Resistance Levels – $120,000 and $122,000..