Bitcoin is trying to make a comeback above $111,000. BTC has started to rise and could gain momentum if it breaks through the $112,000 level of resistance.
- Bitcoin began a wave of recovery above the zone of $111,000
- Above $111,000, the price has traded above 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $111,600. (Data feed from Kraken).
- If it remains below $112,500, the pair could start a new decline.
Bitcoin Price Breaks Above the Upside Break
Bitcoin Price started at a fresh recovery wave Above the $109650 area. BTC managed to break through the resistance levels of $110,200, and $110 500.
Before the price rose again, the recent swing low formed at $109 369. The recent drop from $112,537 high swing to $109,369 bottom was above 50% Fib. The bears remain active under the $112,000 mark.
Bitcoin has now reached a price of $111,000. 100 hourly Simple moving average. Near the $111600 mark, there is immediate resistance. On the hourly BTC/USD chart, a bearish trendline is also forming. It has resistance near $111,600.
First, the first major resistance level is around $111800 or the level where the Fib retracement of the recent drop from the swing high $112,537 to the low $109,369 has occurred. The next possible resistance is $112,000. If the price closes over the $112,000 level, it could send it higher. Price could test $112,500 in this case. If the price continues to rise, it could move towards the $113.200 level. It is possible that the main goal could be $115,000.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $112,000 dollars. Near the $111,000 mark, there is immediate support. First major support nears the level of $110 350.
Next support zone is near $109 350. In the short term, any further losses could send the price towards the $108,500 resistance. BTC may fall rapidly if the price falls below $107 500.
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 – $110,350, followed by $109,350.
Major Resistance Levels – $112,000 and $112,500.
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Source: www.newsbtc.com
