Bitcoin struggles to hold its price above $113.500 and $114,000. BTC has now begun to consolidate and could start another downward trend below $110,000.
- Bitcoin began a new decline when it failed to overcome the $114,000 level.
- It is currently trading under $113,000, and below the 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish with resistance of $112,000, (data feed by Kraken).
- It is possible that the pair will continue to fall if its price falls below $102,200.
Bitcoin Price Faces Obstacles
The Bitcoin price has started to rise. recovery wave Above the $112,500 resistence level. BTC recovered over the $112800 and $113,000 levels.
Price rose above 50% of Fib’s retracement from recent drop between $115,975 swing-high and $110,000 low. Bulls even managed to push the price over the resistance of $113,500. There are still many obstacles on the way up.
Bitcoin has fallen below the hourly simple moving average of 100 and is trading under $113,000 at this time. On the hourly BTC/USD chart, a downward trend is developing with resistance around $112,000; this bearish line will be a major obstacle.
The immediate resistance to the upside is around the $112,000 mark. The first key resistance The next resistance could be $113,700 and the 61.8% Fib retracement level of recent decline from the swing high of $115,975 to the lows at $101,000. Next resistance is $113.700, which coincides with the Fib level of 61.8% retracement from the swing high $115.975 to the low $110,000.
If the price closes above $113.700, it could send it higher. The price may rise in the case stated and try to test $114.500. If the price continues to rise, it could reach the $115.250 mark. Bulls may face a next hurdle of $115,500.
BTC to decline again?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $113,000, which is currently at $113,000. The immediate support level is around $110200. Near $110,000 is the first level of major support.
Next support zone is near $109,500. If the price continues to fall, it could soon reach the support of $108,500. BTC may struggle to recover if it falls below $107,200.
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 – $110,200, followed by $110,000.
Major Resistance Levels – $112,000 and $113,000.
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Source: www.newsbtc.com
