Bitcoin Price Gains Steam – $112K Level Could | Crypto News
Bitcoin price is making an attempt a recovery wave above $111,500. BTC is now rising and may gain tempo if it clears the $112,000 resistance stage.
- Bitcoin began a recovery wave above the $111,000 zone.
- The price is trading above $111,000 and the 100 hourly Simple transferring average.
- There is a connecting bearish development line forming with resistance at $111,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may start another decline if it stays below the $112,500 zone.
Bitcoin Price Eyes Upside Break
Bitcoin price began a recent recovery wave above the $109,650 zone. BTC was ready to climb above the $110,200 and $110,500 resistance ranges.
The current swing low was fashioned at $109,369 before the price climbed again. There was a transfer above the 50% Fib retracement stage of the current decline from the $112,537 swing high to the $109,369 low. However, the bears are lively below the $112,000 stage.
Bitcoin is now trading above $111,000 and the 100 hourly Simple transferring average. Immediate resistance on the upside is close to the $111,600 stage. Besides, there’s a connecting bearish development line forming with resistance at $111,600 on the hourly chart of the BTC/USD pair.
The first key resistance is close to the $111,800 stage or the 76.4% Fib retracement stage of the current decline from the $112,537 swing high to the $109,369 low. The next resistance could possibly be $112,000. A close above the $112,000 resistance may ship the price additional larger. In the said case, the price may rise and take a look at the $112,500 resistance stage. Any more positive factors may ship the price toward the $113,200 stage. The main goal could possibly be $115,000.
Another Drop In BTC?
If Bitcoin fails to rise above the $112,000 resistance zone, it may start a recent decline. Immediate assist is close to the $111,000 stage. The first major assist is close to the $110,350 stage.
The next assist is now close to the $109,350 zone. Any more losses may ship the price toward the $108,500 assist in the close to time period. The main assist sits at $107,500, below which BTC may decline sharply.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.
Major Support Levels – $110,350, adopted by $109,350.
Major Resistance Levels – $112,000 and $112,500.
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