Bitcoin prices are attempting a recovery wave of over $111,500. BTC is currently rising, and passing the $112,000 resistance level could increase the pace.
- Bitcoin has begun a recovery wave beyond the $111,000 zone.
- The price is trading above $111,000, and is a simple moving average of 100 hours.
- On the hourly chart of the BTC/USD pair (data feed from Kraken) there is a bearish trend line connecting with resistance formed at $111,600.
- The pair could begin another decline if they fall below the $112,500 zone.
Bitcoin price eye rise break
Bitcoin prices have launched a new wave of recovery beyond the $109,650 zone. The BTC was able to rise above the $110,200 and $110,500 resistance levels.
The recent swinglow formed at $109,369 before prices rose again. There has been a move above the 50% FIB retracement level of its recent decline from a $112,537 swing to a low of $109,369. However, the bears are below the $112,000 level.
Bitcoin is currently trading over $111,000 and trades a simple moving average every 100 hours. Immediate resistance is close to the $111,600 level. What's more, there's a connected bearish trendline on the BTC/USD pair hourly wage chart, with resistance formed at $111,600.
The first significant resistance is either close to the $111,800 level or a 76.4% FIB retracement level from the recent $112,537 Swing High to the $109,369 Low. The next resistance could be $112,000. Over $112,000 resistance could lead to even higher prices. If stated, the price may test resistance levels of $112,500. Any further profit could potentially send the price towards the $113,200 level. Your main goal could be $115,000.
Another drop in BTC?
If Bitcoin does not rise above the $112,000 resistance zone, it could begin a new decline. Immediate support is close to the $111,000 level. The first major support is close to the $110,350 level.
The following support is located near the $109,350 zone: Any further losses could send the price to $108,500 in the short term. The main support is $107,500, and BTC could drop sharply.
Technical indicators:
HOURLY MACD – MACD is currently increasing its pace in the bullish zone.
Hourly RSI (Relative Strength Index) – BTC/USD's RSI is above 50 levels.
Key support levels – $110,350, then $109,350.
Major resistance levels – $112,000 and $112,500.
