Bitcoin is now gaining momentum below $115,000. BTC still shows bearish signals and is at risk of further losses. $112,000 zone.
- Bitcoin has started to decline again below $116.500.
- Price is below the Simple Moving Average of 100 hours and $115.500.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $115.400. (Data feed from Kraken)
- If the pair clears $115,500 of resistance it could start an increase.
Bitcoin price continues to fall
The Bitcoin price has started to rise. fresh decline The price of Bitcoin fell below $118,000 after the close. BTC traded under the $116.500 zone of support and gained a bearish trend.
The 100 hourly simple moving average and support zone at $115.500 were both moved below. The pair tried to test the $112,500 area. At $112610, a low has been formed and now the price is consolidating under the 23.6% Fib level for the recent decline between the swing high of $124420 to the low of $112610.
Bitcoin now trades below $116,000 100 hourly Simple moving average. The immediate resistance to the upside lies near $114,200. First key resistance near $115,000 is the first important level. A key trend line is forming on the hourly BTC/USD charts. It has resistance at $115.400.
Next resistance might be $115.500. If the price closes over the $115.500 resistance, it could send the market higher. Price could test $118.500 level in this case. The price is near the Fib 50% retracement of the recent drop from the swing high at $124,420 to the low at $112,610. Any further gains could push the price towards the $120,000 area. This could be the primary target.
BTC Losses Increased?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $115,000 dollars. Near the level of $112,500, there is immediate support. Near $112,500 is the first level of major support.
Near the $105,500 level, we are now approaching the next support. If the price continues to fall, it could soon reach the support of $110,000. BTC could take a big hit if it falls below $108,000.
The following are 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 – $112,500, followed by $110,500.
Major Resistance Levels – $115,000 and $115,500.
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Source: www.newsbtc.com
