Bitcoin’s price continued to decline after trading below $114,000. BTC has now consolidated its losses and could fall further, testing the $110 500 support zone.
- Bitcoin has started to decline again below $114,000, a zone that was previously occupied by the currency.
- Price is below the Simple Moving Average of 100 hours and $114,000
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish. Resistance at $113.600. (Data feed from Kraken).
- If the pair clears $114,000, they may start another growth.
Bitcoin Price Consolidates
Bitcoin’s price has failed to hold above $115.500, and is now dipping below it. fresh decline. BTC has fallen below the support levels of $115,000 and 114,000 to enter a bearish short-term zone.
Below the $113.500 mark, there was a rapid decline. At $111-557, a new low has been formed and now the price consolidates its losses beneath the 23.6% Fib level of recent declines from $117-920 swing high to $111-557 low.
Bitcoin has fallen below the $113,200 mark. 100 hourly Simple moving average. On the hourly BTC/USD chart, a trend line is also forming, with resistance around $113,600.
The immediate resistance to the upside lies near the 113,000-level. Near the $113.500 level, and near the trendline, is the first major resistance. The next possible resistance is $114,000. If the price closes above $114,000, it could send it higher.
The price may rise to test either the resistance level at $114.750 or the Fib 50% retracement of the recent drop from the swing high of $117.920 down to the lows $111,557. More gains could push the price towards the $115.500 mark. Next hurdle for bulls might be $116.250.
BTC: Another drop in the BTC price?
Bitcoin may start another decline if the price fails to move above $114,000, the zone of resistance. Near the level of $112,000, there is immediate support. First major support nears the $111750 level.
In the near term, any further losses could send the price towards support at $108,800. Price could drop to $108,800 in near-term if there are any more drops. BTC could lose momentum if it falls below $107,500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $112,000, followed by $111,750.
Major Resistance Levels – $113,600 and $114,000.
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Source: www.newsbtc.com
