Bitcoin is trying to rise above $114.200. BTC has been consolidating recently and may attempt to break through the resistance level of $115.500.
- Bitcoin began a wave of recovery above the zone $113,500.
- Price is above the Simple Moving Average of 100 hours and $114,000
- On the hourly chart for the BTC/USD, there was a breakout above the bearish trendline with resistance of $114.300 (data from Kraken).
- It is possible that the pair will start another uptrend if they clear $115.500.
Bitcoin Price Recovery Attempts
Price of bitcoin found support around $112,000 area and started to increase. recovery wave. BTC has been able to surpass the resistance levels at $113.500 and $114.200.
On the hourly BTC/USD chart, the price broke above the bearish trendline with resistance of $114,300. Price climbed to 50% Fib level of move between the swing high at $118,918 and the low at $112,000
The price was unable to move higher because the bears were still active around the resistance of $115.500. Bitcoin now trades above $114,000, and the 100-hourly Simple Moving Average.
Resistance on the downside is close to $115,000, the first resistance level. First, the first obstacle is near $115,000 level. key resistance Near the $115.500 level. Next resistance is $116.250, or the Fib retracement of 61.8% from the swing high at $118.918 to the low at $112,000 (or the next $116.250).
Price could rise if the resistance level of $116.250 is breached. Price could test and rise above $117.500 level in this case. Any further gains could send the price towards the $118,000 mark. It is possible that the main goal could be $120,000.
A Drop in BTC Prices?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $115.500. Near the $114.200 level, there is immediate support. First major support near $113.500.
Near the 112,000-dollar zone, we are now approaching our next support. Price could fall further and reach the support at $110,500 in the near future. BTC could continue its downward movement if it falls below the $108,500 support.
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 – $113,500, followed by $112,000.
Major Resistance Levels – $115,500 and $117,500.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
