Bitcoin price corrected its losses and traded above the $115,000 level. BTC is currently struggling and could fall below $110,000 and start falling again.
- Bitcoin started a new decline after failing to break through the $116,000 resistance level.
- Price is trading below $115,000 and the 100 hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming with resistance at $118,250.
- The pair could continue to fall if it trades below the $110,500 zone.
Bitcoin price faces resistance
Bitcoin price has started a recovery wave above the $112,000 resistance level. BTC has recovered above the $112,500 and $113,200 resistance levels.
Price rose above the 61.8% Fib retracement level of the swing high of $122,498 to the low of $100,000. The bulls even pushed the price above the $115,000 resistance. However, there are many hurdles on the way up.
Bitcoin is currently trading below $115,000 and its 100-hour simple moving average. Additionally, a bearish trend line has formed on the hourly chart of the BTC/USD pair with resistance at $118,250.
Immediate upside resistance is near the $114,000 level. The first major resistance level is near the $115,000 level. The next resistance level could be at $116,000. If the price closes above the $116,000 resistance level, the price could move higher. In the above case, the price could rise and test the 76.4% Fib retracement level of the $117,200 resistance and decline from the $122,498 swing high to the $100,000 low. Further upside could push the price towards the $117,250 level. The next barrier for the bulls could be $118,500.
Will BTC drop again?
If Bitcoin fails to rise above the $116,000 resistance zone, a new decline could begin. Immediate support is near the $111,800 level. The first major support is near the $110,500 level.
The next support is currently near the $110,200 zone. Any further losses could send the price towards the $108,500 support in the near term. The main support lies at $107,000, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $111,800 followed by $110,500.
Key resistance levels – $115,000 and $116,000.
