Bitcoin price tries a recovery wave above $ 111,000. BTC is rising now and can win pace if it knew the resistance level of $ 112,500.
- Bitcoin started a recovery wave above $ 111,200 zone.
- The price is traded above $ 111,200 and the simple simple advancing average per hour.
- An increasing channel has been formed in the short term with support at $ 111,500 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 extends recovery
Bitcoin price started a new wave of recovery above $ 109,500 zone. BTC was able to climb above the resistance levels of $ 110,000 and $ 110,500.
The price knew the 61.8% FIB racement level of the key decrease of the $ 113,457 Swing high to $ 107,352 low. The upward move was such that the price even exceeded the $ 112,000 resistance zone. By the way, there is an increasing channel in the short term that forms support for $ 111,500 on the hour table of the BTC/USD pair.
Bitcoin is now traded above $ 111,000 and the 100 -hour simple advancing average. Moreover, the price is now consolidating near the 76.4% FIB retracement level of the key decrease of the $ 113,457 Swing high to $ 107,352 low. Immediate resistance at the top is near the level of $ 112,500.
The first key resistance is near the level of $ 112,800. The next resistance can be $ 113,450. A close -up resistance of $ 113,450 can further send the price. In the case mentioned, the price could rise and the resistance level of $ 114,500 tests. More profits can send the price to the $ 115,000 level. The main objective can be $ 115,500.
Another pullback in BTC?
If Bitcoin does not rise above the $ 112,500 resistance zone, this can start a new decline. Immediate support is near the level of $ 111,500. The first major support is near the level of $ 110,500.
The next support is now near the $ 110,000 zone. More losses can send the price to the support of $ 109,250 in the short term. The most important support is $ 108,500, 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 – $ 111,500, followed by $ 110,000.
Large resistance levels – $ 112,500 and $ 113,450.