Bitcoin price tries a recovery wave above $ 111,500. BTC is rising now and can win pace if it knew the $ 112,000 resistance level.
- Bitcoin started a recovery wave above $ 111,000 zone.
- The price is traded above $ 111,000 and the simple simple advancing average of 100 hours.
- There is a connecting Bearish trend line that forms with resistance to $ 111,600 on the hour table of the BTC/USD pair (data feed from Kraken).
- The couple can start a new decline if it remains below $ 112,500 zone.
Bitcoin Price Eyes Op Head Pause
Bitcoin price started a new wave of recovery above $ 109,650 zone. BTC was able to climb above the resistance levels of $ 110,200 and $ 110,500.
The recent Swing Low was formed at $ 109,369 before the price climbed again. There was a movement above the 50% FIB racement level of the recent decrease of the $ 112,537 Swing high to $ 109,369 low. However, the bears are active below the level of $ 112,000.
Bitcoin is now traded above $ 111,000 and the 100 -hour simple advancing average. Immediate resistance at the top is near the level of $ 111,600. In addition, there is a connecting Bearish trend line that forms with resistance at $ 111,600 on the hourly table of the BTC/USD pair.
The first key resistance is near the $ 111,800 level or the 76.4% FIB retracement level of the recent decrease of the $ 112,537 Swing high to $ 109.369 low. The next resistance can be $ 112,000. A close -up resistance of $ 112,000 can further send the price higher. In the declared case, the price could rise and the resistance level of $ 112,500 tests. More profits can send the price to the level of $ 113,200. 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 $ 111,000 level. The first major support is near the level of $ 110,350.
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:
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 – $ 110,350, followed by $ 109,350.
Important resistance levels – $ 112,000 and $ 112,500.