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Bitcoin V-Shaped Recovery Faces Hurdles – Can Bulls Sustain The Momentum?

Bitcoin worth 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 restoration wave above the $113,500 resistance degree.
  • The worth is buying and selling under $116,000 and the 100 hourly Simple shifting common.
  • There is a bearish pattern line forming with resistance at $119,500 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may proceed to maneuver down if it trades under the $113,500 zone.

Bitcoin Price Starts Recovery

Bitcoin worth began a recovery wave after an enormous liquidation occasion under $110,000. BTC recovered above the $111,500 and $112,000 resistance ranges.

The worth 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 worth above the $113,500 resistance degree. However, there are a lot of hurdles on the upside.

Bitcoin is now buying and selling under $116,500 and the 100 hourly Simple moving average. Besides, there’s 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 subsequent resistance might 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 detailed above the $118,000 resistance may ship the worth additional larger. In the said case, the worth may rise and check the $119,500 resistance and the pattern line. Any extra positive factors may ship the worth towards the $120,000 degree. The subsequent barrier for the bulls might be $122,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $116,000 resistance zone, it may begin a recent decline. Immediate assist is close to the $114,000 degree. The first main assist is close to the $113,500 degree.

The subsequent assist is now close to the $113,500 zone. Any extra losses may ship the worth towards the $112,500 assist within the close to time period. The important assist sits at $110,500, under which BTC may wrestle to get well within the brief time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within 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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