Bitcoin’s price began a wave of recovery and was trading above $114,000. BTC consolidates gains, but faces hurdles around $114.750.
- Bitcoin has started to recover above $114,000, a new zone.
- Price is above the Simple Moving Average of 100 hours and $114,000
- On the hourly chart for the BTC/USD, there is a bullish trendline forming. The support level of $113.300 (data from Kraken) can be seen.
- It is possible that the pair could continue moving up, if they clear $114.750.
Bitcoin price Eyes Upside Break
Bitcoin managed to remain above $112,000 and began a new trend. recovery wave. BTC started the current movement above the resistance zone of $113,200.
Bulls managed to push the price up above $114,000 and the $114,200 level. The bulls were able to push the price above $114,200 and even past that level. At $114.770, a high formed and now the price consolidates gains. A minor drop was seen below the Fib 23.6% retracement of the move upward from the swing low at $108,677 to the high at $114,771.
Bitcoin now trades above $114.200 100 hourly Simple moving average. In addition, on the hourly graph of BTC/USD, there’s a small bullish trendline forming. It has support at $113.300.
Near the level of $114.750, there is immediate resistance. First key resistance near $115,000 Next resistance may be at $115.500. If the price closes over the $115.500 resistance, it could send the market higher. Price could test resistance at $116.500 in this case. If the price continues to rise, it could reach the $117.500 mark. Bulls may face a new barrier at $118,000.
One more drop in BTC?
Bitcoin may start another decline if the resistance zone of $114.750 is not overcome. The trendline and $113,300 are the nearest immediate support levels. Near the $112 200 level, we find our first significant support.
Near the zone of $111750, we are now approaching our next support. In the short term, any further losses could send the price towards the $111,000 level. BTC may struggle to recover if it falls below $110,500.
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 – $113,300, followed by $112,200.
Major Resistance Levels – $114,750 and $115,000.
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Source: www.newsbtc.com
