Bitcoin -Price still shows bearish signs below $ 112,000. BTC is now trying to recover and can be confronted with obstacles near the level of $ 110,500.
- Bitcoin started a new decline under the $ 112,000 zone.
- The price is traded under $ 110,500 and the simple simple advancing average of 100 hours.
- There was a break above a short-term contraction with resistance at $ 108,800 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new decline if it remains below $ 110,500 zone.
Bitcoin -Price starts with consolidation
Bitcoin price tried a new recovery wave from the $ 107,350 zone. BTC was able to climb above the resistance levels of $ 108,200 and $ 108,400.
The price knew the 23.6% FIB racement level of the key decrease of the $ 113,457 Swing high to $ 107,352 low. By the way, there was a break above a triangle contracting in the short term at $ 108,800 on the hour table of the BTC/USD pair.
However, the bears are still active in the vicinity of $ 109,500. The price now consolidates almost $ 109,500. Bitcoin is now traded under $ 110,000 and the 100 -hour simple advancing average.
Immediate resistance at the top is near the level of $ 109,500. The first key resistance is near the level of $ 110,200. The next resistance can be $ 110,500 or the FIB racement level of 50% of the key decrease of the $ 113,457 Swing high to $ 107,352 low.
A close -up resistance of $ 110,500 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 111,650 tests. More profits can send the price to the level of $ 112,500. The main objective can be $ 113,500.
Another decline in BTC?
If Bitcoin does not rise above the $ 110,500 resistance zone, this can start a new decline. Immediate support is close to the level of $ 108,800. The first major support is near the level of $ 108,200.
The next support is now near the $ 107,350 zone. More losses can send the price to the support of $ 106,500 in the short term. The most important support is $ 105,500, including BTC could fall sharply.
Technical indicators:
MACD per hour – the MACD now loses pace in the Bearish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 108,800, followed by $ 108,000.
Large resistance levels – $ 109,500 and $ 110,500.