Bitcoin V-Shaped Recovery Faces Hurdles – Can | Crypto News
Bitcoin price corrected losses and traded above the $114,000 degree. BTC is now struggling and may face hurdles close to the $116,000 degree.
- Bitcoin began a recovery wave above the $113,500 resistance degree.
- The price is trading below $116,000 and the 100 hourly Simple transferring average.
- There is a bearish pattern line forming with resistance at $119,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue to transfer down if it trades below the $113,500 zone.
Bitcoin Price Starts Recovery
Bitcoin price began a recovery wave after a large liquidation event below $110,000. BTC recovered above the $111,500 and $112,000 resistance ranges.
The price climbed above the 50% Fib retracement degree of the sharp decline from the $123,750 swing high to the $100,000 low. The bulls even pushed the price above the $113,500 resistance degree. However, there are many hurdles on the upside.
Bitcoin is now trading below $116,500 and the 100 hourly Simple transferring average. Besides, there may be a bearish pattern line forming with resistance at $119,500 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is close to the $116,000 degree. The first key resistance is close to the $116,250 degree. The next resistance may very well be $118,000 and the 76.4% Fib retracement degree of the sharp decline from the $123,750 swing high to the $100,000 low.
A close above the $118,000 resistance may ship the price additional larger. In the acknowledged case, the price may rise and take a look at the $119,500 resistance and the pattern line. Any more good points may ship the price toward the $120,000 degree. The next barrier for the bulls may very well be $122,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $116,000 resistance zone, it may start a contemporary decline. Immediate assist is close to the $114,000 degree. The first major assist is close to the $113,500 degree.
The next assist is now close to the $113,500 zone. Any more losses may ship the price toward the $112,500 assist in the close to time period. The main assist sits at $110,500, below which BTC may battle to get well in the short time period.
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 degree.
Major Support Levels – $113,500, adopted by $112,500.
Major Resistance Levels – $116,000 and $118,000.
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