Bitcoin price tries to recover from $ 112,500. BTC is back above $ 114,000, but is confronted with many obstacles on its way to $ 120,000.
- Bitcoin started a recovery wave above $ 113,500 zone.
- The price is traded under $ 115,000 and the simple simple advancing average of 100 hours.
- There is an important bearish trend line that forms with resistance at $ 114,800 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a different increase if it knew the $ 115,000 resistance zone.
Bitcoin -Price finds support
Bitcoin price started a new decrease after an end below the level of $ 115,500. BTC received Beerarish Momentum and traded under $ 113,500 support zone.
There was a movement under the $ 113,000 support zone and the 100 simple advancing average per hour. The pair tested the $ 112,500 zone. A low point was formed at $ 112,400 and the price is now trying to restore to the 23.6% FIB retracement level of the recent decrease of the $ 124,420 Swing high up to $ 112,400 low.
Bitcoin is now traded under $ 115,000 and the 100 -hour simple advancing average. Immediate resistance at the top is near the level of $ 114,800. There is also an important bearish trend line that forms with resistance to $ 114,800 on the hour table of the BTC/USD pair.
The first key resistance is near the level of $ 115,000. The next resistance can be $ 115,500. A close -up resistance of $ 115,500 can further send the price. In the declared case, the price could rise and the resistance level of $ 118,400 tests. It is close to the 50% FIB racement level of the recent decrease of the $ 124,420 Swing high to $ 112,400 low. More profits can send the price to the $ 120,000 level. The main objective can be $ 121,500.
Another decline in BTC?
If Bitcoin does not rise above the $ 115,000 resistance zone, this can start a new decline. Immediate support is close to the level of $ 113,500. The first major support is near the level of $ 112,400.
The next support is now near the $ 111,500 zone. More losses can send the price to $ 110,000 support in the short term. The most important support is at $ 108,000, including BTC can take a big hit.
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 – $ 113,500, followed by $ 111,500.
Important resistance levels – $ 115,000 and $ 115,500.