Bitcoin’s price has started to show signs of decline below $113.500. BTC has been struggling and may face obstacles near $113,000 area.
- Bitcoin has started to decline again below $111,400.
- This price trades below $111500 and 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance around $111,550 (data feed by Kraken).
- It is possible that the pair will start another rise if they clear $112,500.
Bitcoin Price Recovers
The Bitcoin price has started to rise. fresh decline After a close under the $112,500 mark. BTC has gained negative momentum, trading below the $112,000 zone.
The 100 hourly simple moving average and support zone at $110 500 were both moved below. The pair tried to test the $108,750 region. At $108,734, a new low formed and recently the price began a wave of recovery. The price moved above $111200.
Bitcoin is now trading below $111,500 and the Fib retracement levels of recent declines from the swing high $117,354 to the low $110,692 have been exceeded. Bitcoin has fallen below the $111,500 mark and is currently trading at $106,692. 100 hourly Simple moving average.
The immediate resistance to the upwards is located near the level of $111,500. On the hourly BTC/USD chart, a bearish trendline is developing with resistance near $111550. Near the $112,000 mark, we have our first major resistance. The next level of resistance is $113,000 which represents the 50% Fib Retracement Level from the recent fall between $117,354 high swing and $110,692 bottom.
If the price closes above $113,000, it could send it higher. The price may rise in the case stated and try to test the $114.200 level of resistance. If the price continues to rise, it could reach the $115.500 mark. Main target may be $116.500.
One more drop in BTC?
Bitcoin could begin a new decline if it fails to break through the resistance level of $111,550. Near the level of $110,500 is an immediate area of support. First major support nears the $109 200 level.
Next support zone is near $108,500. In the short term, any further losses could send the price towards the $106,500 resistance. BTC’s main support is $105,500. Below this level, BTC may accelerate downward.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $108,500, followed by $106,500.
Major Resistance Levels – $111,500 and $113,000.
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Source: www.newsbtc.com
