Bitcoin Price found support in the vicinity of $ 108,680 and started a recovery wave. BTC acts above $ 111,000 and is confronted with obstacles near $ 112,500.
- Bitcoin started a new wave of recovery above $ 110,500 zone.
- The price is traded above $ 110,500 and the simple simple advancing average of 100 hours.
- There was a break over a connecting bearish trend line with resistance at $ 109,600 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can continue to rise if it knew the $ 112,500 zone.
Bitcoin -Price starts recovery
Bitcoin Price succeeded in staying above $ 108,500 zone and started a recovery wave. BTC settled above the $ 109,500 resistance zone to start the current movement.
There was a clear movement above the 50% FIB racement level of the downward wave of $ 113,940 Swing high to $ 108,680 low. By the way, there was a break over a connecting Bearish trend line with resistance at $ 109,600 on the hour table of the BTC/USD pair.
The bulls even pushed the price above $ 112,000 before the bears appeared. Bitcoin is now traded above $ 111,500 and the 100 simple advancing average per hour.
Immediate resistance at the top is near the level of $ 112,400. The first key resistance is near the level of $ 112,500 and another trend line. The next resistance can be $ 113,700 or the FIB racement level of 76.4% of the downward wave of the $ 113,940 Swing high to $ 108,680 Low.
A close -up resistance of $ 112,700 can further send the price. In the indicated case, the price could rise and the resistance of $ 113,500 tests. More profits can send the price to the level of $ 114,500. The next barrier for the Bulls can be $ 115.00.
Another drop in BTC?
If Bitcoin does not rise above the $ 112,500 resistance zone, this can start a new decline. Immediate support is close to the level of $ 111,300. The first major support is near the level of $ 110,500.
The next support is now near the $ 109,500 zone. More losses can send the price to the support of $ 108,800 in the short term. The most important support is $ 107,500, including BTC may have difficulty recovering in the short term.
Technical indicators:
MACD per hour – The MACD now wins pace in the bullish zone.
Picly RSI (Relative strength -Index) -The RSI for BTC/USD is now above 50 -level.
Important support levels – $ 111,300, followed by $ 110,500.
Large resistance levels – $ 112,500 and $ 112,700.