Bitcoin prices are about to recover from $112,500. BTC has returned over $114,000, but faces many hurdles along the way to $120,000.
Bitcoin has begun a recovery wave beyond the $113,500 zone. Prices trade below $115,000 and a simple moving average of 100 hours. The hourly chart of the BTC/USD pair (data feed from Kraken) has an important bearish trend line where resistance forms at $114,800. The pair could begin another increase once they clear the $115,000 resistance zone.
Bitcoin Price Find Support
Bitcoin prices began a new decline after falling below the $115,500 level. BTC gained bearish momentum, falling below the $113,500 support zone.
There was a $113,000 support zone and a movement below the 100-hour simple moving average. The pair tested the $112,500 zone. The lowest is formed at $112,400, and the price is currently attempting to recover towards a 23.6% FIB retracement level of its recent decline from a swing high of $124,420 to a low of $112,400.
Bitcoin is currently below $115,000 and is trading a simple 100-hour moving average. Immediate resistance is close to the $114,800 level. There is also a key bearish trend line where resistance forms at $114,800 on the hourly chart of the BTC/USD pair.
The first important resistance is close to the $115,000 level. The next resistance could be $115,500. Over $115,500 resistance could lead to even higher prices. If stated, the price could rise and test a resistance level of $118,400. This is close to the 50% FIB retracement level of the recent decline from the recent $124,420 swing to the $112,400 low. Any further profit could potentially send the price towards the $120,000 level. The main goal is $121,500.
Another reduction in BTC?
If Bitcoin cannot rise above the $115,000 resistance zone, it could begin a new decline. Immediate support is close to the $113,500 level. The first major support is close to the $112,400 level.
The following support is located near the $111,500 zone: Any further losses could send the price to $110,000 in the short term. The main support is $108,000, and BTC could be a huge hit.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.
Key support levels – $113,500, followed by $111,500.
Major resistance levels – $115,000 and $115,500.
