Bitcoin prices show signs of bearishness below $113,000. BTC is struggling to recover and could begin another decline below the $110,500 zone.
- Bitcoin has begun a recovery wave from the $108,750 zone.
- The price is below $112,500 and trades a simple 100-hour moving average.
- On the timely chart of the BTC/USD pair (data feed from Kraken), the break was $111,350 on top of a key bearish trend line with resistance.
- The pair could begin another increase once they clear the $113,000 resistance zone.
Bitcoin price attempts a new rise
Bitcoin prices extended their losses after falling below the $112,000 level. BTC gained bearish momentum, falling below the $111,500 support zone.
There was a $110,500 support zone and a movement below the simple 100-hour moving average. The pair tested the $108,750 zone. The lowest was formed at $108,734, and the price has recently begun a recovery wave. There was a movement above the $112,000 level.
Prices surpassed the Keydrop's 23.6% FIB retracement level at a low of $117,354, from $110,734. On top of that, there was a break above the key bearish trendline with resistance on the BTC/USD pair hourly wage chart.
Bitcoin is currently below $112,500 and trades a simple moving average every 100 hours. Immediate resistance is close to the $112,500 level. The first key resistance ranges from a key drop at a level of $113,000 or a 50% FIB retracement level to a swing high of $117,354 to a low of $110,734. The next resistance could be $114,000.
Over $114,000 resistance could lead to even higher prices. If stated, the price could rise and test resistance levels of $115,000. Any further profit could potentially send the price towards the $115,500 level. The main goal could be $116,500.
Another reduction in BTC?
If Bitcoin cannot rise above the $113,000 resistance zone, it could begin a new decline. Immediate support is close to the $110,600 level. The first major support is close to the $109,500 level.
The following support is located near the $108,750 zone: Any further losses could send the price to $107,100 in the short term. The main support will be $105,500, and BTC could be low.
Technical indicators:
HOURLY MACD – MACD is currently losing pace in the bear zone.
Hourly RSI (Relative Strength Index) – BTC/USD's RSI is below 50 level.
Key support levels – $110,600, then $109,500.
Major resistance levels – $112,500 and $113,000.
