Bitcoin Price Recovery Underway – But Momentum | Crypto News
Bitcoin price is trying a recovery wave above $111,000. BTC is now rising and may gain tempo if it clears the $112,500 resistance stage.
- Bitcoin began a recovery wave above the $111,200 zone.
- The price is trading above $111,200 and the 100 hourly Simple transferring average.
- There is a short-term rising channel forming with help at $111,500 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 Extends Recovery
Bitcoin price began a contemporary recovery wave above the $109,500 zone. BTC was ready to climb above the $110,000 and $110,500 resistance ranges.
The price cleared the 61.8% Fib retracement stage of the key drop from the $113,457 swing high to the $107,352 low. The upward transfer was such that the price even surpassed the $112,000 resistance zone. Besides, there may be a short-term rising channel forming with help at $111,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $111,000 and the 100 hourly Simple transferring average. Moreover, the price is now consolidating close to the 76.4% Fib retracement stage of the key drop from the $113,457 swing high to the $107,352 low. Immediate resistance on the upside is close to the $112,500 stage.
The first key resistance is close to the $112,800 stage. The next resistance may very well be $113,450. A close above the $113,450 resistance may ship the price additional larger. In the said case, the price might rise and take a look at the $114,500 resistance stage. Any more good points may ship the price toward the $115,000 stage. The main goal may very well be $115,500.
Another Pullback In BTC?
If Bitcoin fails to rise above the $112,500 resistance zone, it might start a contemporary decline. Immediate help is close to the $111,500 stage. The first major help is close to the $110,500 stage.
The next help is now close to the $110,000 zone. Any more losses may ship the price toward the $109,250 help in the close to time period. The main help sits at $108,500, 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 – $111,500, adopted by $110,000.
Major Resistance Levels – $112,500 and $113,450.
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