Bitcoin is showing signs of bearishness below $112,000. BTC now is trying to recover. It could encounter hurdles around the $110500 level.
- Bitcoin began a new decline under the $112,000 area.
- If the price falls below $105,500, and the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakout above the short-term constricting triangle that had resistance at $108 800 (data from Kraken).
- It is possible that the pair will start another downfall if they stay below $110 500.
Bitcoin price begins to consolidate
Bitcoin prices are being attempted. fresh recovery wave The $107350 area. BTC has been able to rise above $108,200 and $108400 resistance levels.
Price cleared the Fib level for the key fall from $113,457 swing low to $107,352 bottom. The price also broke through a contracting triangle on a shorter time frame with resistance near $108,800.
The bears remain active around $109,500. Price is consolidating now near $109 500. Bitcoin now trades below $110,000, and the 100 hourly simple moving average.
Near the level of $109 500, there is immediate resistance. The first resistance level is $109,500. key resistance Near the level of $110 200. Next resistance may be at $110,500, or 50% of the Fib level of the drop between the swing high $113,457 and the low $107,352.
Price could rise if the resistance level of $110 500 is breached. Price could test $111,650 level in this case. If there are any further gains, the price could move towards the $112,500 resistance level. Main target may be $113.500.
BTC to decline again?
Bitcoin may start another decline if the price fails to move above $110 500 resistance. Near the $108,800 mark, there is immediate support. The level of immediate support for the first big project is around $108,200.
In the near term, any further losses could send the price towards support at $106,500. If the price continues to fall, it could soon reach the support of $106,500. BTC may fall rapidly if the price falls below $105,500.
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 above the 50 level.
Major Support Levels – $108,800, followed by $108,000.
Major Resistance Levels – $109,500 and $110,500.
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Source: www.newsbtc.com
