Bitcoin is still struggling to rise above $116.200. BTC has now entered a consolidation phase and could fall further under the $112,500 area.
- Bitcoin has started to decline again from its $115,500 level.
- Price is below the Simple Moving Average of 100 hours and $114,000
- The hourly chart for the BTC/USD pairs shows a trend line that is bearish. Resistance at $114.400. (Data feed from Kraken)
- It is possible that the pair will start a new increase once it has cleared $115.500.
Bitcoin Price Faces Resistance
Bitcoin Price found support Near the $112,000 area and began a recovery. BTC has been able to move above resistance levels of $113.200 and $114,000
The price rose above the level that represents the 23.6% of Fib’s retracement from the swing high at $118.918 to the low at $112,000 Bears were present near $115,500 and the price struggled upwards.
A resistance was the 50% Fib Retracement Level of the down move from $118,918 high swing to $112,000 low. Bitcoin has fallen below $114,000, and is currently trading at the lowest level since January. 100 hourly Simple moving average. On the hourly BTC/USD chart, there is a bearish line with resistance of $114.400.
The immediate resistance to the upside lies near $114,000 First key resistance near $115,000 The next possible resistance is $115,500. The price could rise if it closes above $115,500. The price may rise in the case stated and try to test the $116.500 level of resistance. Further gains could push the price towards the $118,000 mark. Main target may be $120,000.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $115,000. Near the $113.200 level, there is immediate support. The level of immediate support for the first big project is around $112,500.
Near the 112,000-dollar zone, we are now approaching our next support. In the short term, any further losses could send the price towards the support of $110 500. BTC could continue its downward movement if it falls below the $108,500 support.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $112,600, followed by $112,000.
Major Resistance Levels – $115,000 and $115,500.
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Source: www.newsbtc.com
