Bitcoin’s price is still trying to climb back up from the $110,650 low. BTC has risen above $112 200 but still faces many obstacles on its way to $115,000.
- Bitcoin began a wave of recovery above the zone of $112,000
- It is currently trading at a price below $114,000, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $114,000 (data from Kraken).
- If the pair clears $114.500, it could start a new increase.
Bitcoin price drops again
After closing below $114.500, the Bitcoin price began a new decline. BTC increased bearish momentum The price is trading below the support zone of $113,200.
The 100 hourly simple moving average and support zone at $112,000 were both moved below. The pair tried to test the zone of $110,6500. At $110692, a low formed and now the price is trying to recover. The recent decline between the swing high of $117.354 and the low of $110.692 was retraced at a 23.6% level.
Bitcoin now trades below $114,000 100 hourly Simple moving average. Near the level of $113.600, there is immediate resistance. First key resistance near $114,000 is the first important level. On the hourly BTC/USD chart, there is a major bearish trendline forming at resistance of $114,000 as well.
Next resistance is $114.800, or the Fib retracement of recent losses from $117.354 swing-high to $110.692 low. The price could rise further if the resistance level of $114.800 is breached.
Price could test $115.500 level of resistance in the case stated. All further gains could push the price towards the $115.500 resistance level. Main target may be $116.500.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance level of $114,000 The immediate support level is around $112,500. First major support nears $112,200.
Next support zone is near $111 500. In the short term, any further losses could send the price towards the support of $110650. BTC may take a significant hit below the $108,500 support level.
Indicators of 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 – $112,200, followed by $112,000.
Major Resistance Levels – $113,500 and $114,000.
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Source: www.newsbtc.com
