Bitcoin extended its losses after trading under $115,000. BTC’s price is moving down and may even touch the $110 500 support level.
- Bitcoin has started to decline again below $115,000.
- Price is below the Simple Moving Average of 100 hours and $114.500.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish. Resistance at $114,000 can be seen (data feed by Kraken).
- If the pair clears $115,000, they might begin another growth.
Bitcoin price drops further
Bitcoin’s price has failed to hold the $116.500 area and is now moving upwards. fresh decline. BTC has fallen below support levels of $115.500 and $115,000, entering a short term bearish area.
A decline began below $114,000; the pace increased. At $112 (050), a new low has been formed and now the price consolidates its recent losses from the $117 920 swing low to $112 050.
Bitcoin has fallen below the $113,500 mark. 100 hourly Simple moving average. A bearish trendline is also developing with resistance of $114,000 at the hourly BTC/USD.
The immediate resistance to the upside lies near $113.450. Near the $114,000 mark and trend line, we find the first major resistance. Next resistance may be at $115,000, or 50% of Fib’s retracement from the recent drop between the swing high and low price levels.
Price could rise if the resistance level of $115,000 is breached. Price could test $116.500 and rise further in this case. If the price continues to rise, it could reach the $116.800 resistance level. Next hurdle for bulls might be $117.250.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to break through the resistance level of $114,000 Near the level of $112,000, there is immediate support. Near $111,250 is the first significant support.
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’s main support is $107 500, and below that, it could gain a bearish trend.
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 $111,250.
Major Resistance Levels – $114,000 and $115,000.
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Source: www.newsbtc.com
