Bitcoin Price is struggling to restore more than $ 111,500. BTC is now consolidating and can decrease if there is a movement below the level of $ 110,000.
- Bitcoin started a recovery wave above $ 110,500 zone.
- The price trades under $ 111,000 and the simple simple advancing average of 100 hours.
- There is a bullish trend line that forms with support at $ 110,500 on the hourly table of the BTC/USD pair (data specialty).
- The couple can start a new decline if it remains below $ 111,500 zone.
Bitcoin -price is struggling to recover
Bitcoin price started a new wave of recovery above $ 112,000 zone, but the top was limited. BTC peaked almost $ 113,500 and started a new decrease.
There was a movement among the levels of $ 112,000 and $ 115,000. The price even tested the $ 110,000 zone. The recent low point was formed at $ 110,039 and the price is now consolidating. There was a movement above the 23.6% FIB racement level of the recent decrease of the $ 113.372 Swing high to $ 110,039 low.
However, the bears are active below the level of $ 112,000. Bitcoin now acts under $ 111,000 and the 100 simple advancing average. By the way, there is a bullish trend line that forms with support for $ 110,500 on the hour table of the BTC/USD pair.
Immediate resistance at the top is near the level of $ 111,250. The first key resistance is near the $ 111,700 level or the 50% FIB retracement level of the recent decrease of the $ 113,372 Swing high to $ 110,039 low. The next resistance can be $ 112,580. An end above the resistance of $ 112,580 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 113,500 tests. More profits can send the price to the level of $ 114,200. The main goal can be $ 115,000.
Another drop in BTC?
If Bitcoin does not rise above the $ 112,000 resistance zone, this can start a new decline. Immediate support is close to the level of $ 110,500 and the trend line. The first major support is near the level of $ 110,000.
The next support is now near the $ 109,350 zone. More losses can send the price to the support of $ 108,500 in the short term. The most important support is $ 107,500, including BTC could fall sharply.
Technical indicators:
HORLY MACD – The MACD now loses pace in the bullish zone.
Picly RSI (relative strength -index) -The RSI for BTC/USD is now below the 50 -level level.
Important support levels – $ 110,500, followed by $ 109,350.
Large resistance levels – $ 112,000 and $ 112,580.