Bitcoin prices are struggling to exceed $112,000. BTC is currently integrated and could decrease if there is movement below the $110,800 level.
- Bitcoin has begun a new decline from the $113,200 zone.
- The price is below $111,500 and trades a simple 100-hour moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) has $111,000 in support, creating a bullish trendline.
- The pair could begin another decline if they fall below the $112,500 zone.
Bitcoin prices continue to be at risk
Bitcoin prices have launched a new wave of recovery from the $110,100 zone. The BTC was able to rise above the $110,800 and $111,500 resistance levels.
The Bulls managed to exceed $112,500 and $113,000 in prices. However, the Bears remained active near the $113,200 zone, hampering more profits. There was a fresh bearish reaction, with prices falling below $112,000. The lowest is formed at $110,820, and the price consolidates the losses.
Bitcoin is currently below $111,500 and is trading a simple 100-hour moving average. What’s more, there’s a bullish trendline with $111,000 support on the hourly chart of the BTC/USD pair. Immediate resistance is close to the $111,700 level. The first important resistance is close to the $112,000 level. This is close to the 50% FIB retracement level of the recent decline from the recent $113,200 swing high to the $110,820 low.
The next resistance could be at FIB levels of $112,300 or 61.8%, from the recent swing high of $113,200 to the low of $110,820. Over $112,300 resistance could lead to even higher prices. If stated, the price could rise and test resistance level $113,200. Any further profit could potentially send the price towards the $114,200 level. Your main goal could be $115,000.
More losses in BTC?
If Bitcoin does not rise above the $112,300 resistance zone, it could begin a new decline. Immediate support is close to the $111,000 level and trendline. The first major support is close to the $110,800 level.
The following support is located near the $110,200 zone: Any further losses could send the price to $108,800 in the short term. The main support is $107,500, and BTC could drop sharply.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is below 50 level.
Key support levels – $111,000, then $110,200.
Major resistance levels – $112,000 and $112,300.
