A recovery in the Bitcoin price began when it found support around $108,680. BTC has risen above $111,000, but is facing obstacles near $112,500.
- Bitcoin has started to recover above $110 500.
- Above the 100-hour Simple Moving Average, and above the price of $110 500.
- On the hourly chart for the BTC/USD, there was a breakout above the connecting trendline with resistance of $109 600 (data from Kraken).
- It is possible that the pair could continue moving up once it passes $112,500.
Bitcoin Prices Start Recovery
Bitcoin managed to remain above $108,500 and began a new trend. recovery wave. BTC started the current movement above the resistance zone of $109,500.
The downward wave that started at the swing high of $113,940 and ended with the low of $108,680 was clearly above the Fib 50% retracement. A break was made above a bearish line connecting the two charts, with resistance set at $109 600 on the BTC/USD hourly chart.
Bulls even drove the price to $112,000 and above before the bears appeared. Bitcoin now trades above $111500, and 100-hour Simple moving average.
The immediate resistance to the upside lies near $112,400. Near the level of $112,500 and another trend line, we find our first major resistance. Next resistance may be at $113.700, or the level where the Fib of 76.4% retracement from the swing high $113.940 to the low $108,680 is located.
Price could rise if the resistance of $112 700 is breached. The price may rise in the case presented and reach the resistance of $113.500. If the price continues to rise, it could reach the $114.500 mark. Next hurdle for bulls might be $115,000.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $112,500. The immediate support level is around $111 300. First major support nears the $110 500 level.
In the near term, any further losses could send the price towards support at $108,800. In the short term, any further losses could send the price towards the $108,800 level. BTC could struggle in the near term to recover below $107 500, which is where BTC’s main support lies.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $111,300, followed by $110,500.
Major Resistance Levels – $112,500 and $112,700.
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Source: www.newsbtc.com
