Bitcoin prices show signs of bearishness below $113,500. BTC is struggling to recover and could face hurdles near the $113,000 zone.
- Bitcoin has begun a new decline below the $111,400 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 an important bearish trend line where resistance forms at $111,550.
- The pair could begin another increase once they clear the $112,500 resistance zone.
Bitcoin price attempts to recover
Bitcoin prices began a new decline after falling below the $112,500 level. BTC gained bearish momentum, falling below the $112,000 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 move above the $111,200 level.
The price surpassed the recent decline of 23.6% FIB retracement level, from the recent swing high of $117,354 to the low of $110,692. Bitcoin is currently below $111,500 and is trading a simple 100-hour moving average.
Immediate resistance is close to the $111,500 level. There is also a key bearish trend line where resistance forms at $111,550 on the hourly chart of the BTC/USD pair. The first important resistance is close to the $112,000 level. The next resistance could be at $113,000 or 50% FIB retracement level from the recent swing high of $117,354 to $110,692.
Over $113,000 resistance could lead to even higher prices. If stated, the price could rise and test resistance level $114,200. Any further profit could potentially send the price towards the $115,500 level. The main goal could be $116,500.
Another drop in BTC?
If Bitcoin does not rise above the $111,550 resistance zone, it could begin a new decline. Immediate support is close to the $110,500 level. The first major support is close to the $109,200 level.
The following support is located near the $108,500 zone: Any further losses could send the price to $106,500 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 – $108,500, then $106,500.
Major resistance levels – $111,500 and $113,000.
