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Bitcoin Faces Pressure – Could The Price Resume Its Downtrend Soon?

Bitcoin worth corrected losses and traded above the $114,200 stage. BTC is now struggling and would possibly face hurdles close to the $116,000 stage.

  • Bitcoin began a restoration wave above the $114,000 resistance stage.
  • The worth is buying and selling beneath $115,000 and the 100 hourly Simple transferring common.
  • There is a bearish pattern line forming with resistance at $119,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly proceed to maneuver down if it trades beneath the $112,500 zone.

Bitcoin Price Faces Hurdles

Bitcoin worth began a recovery wave above the $110,000 pivot stage. BTC recovered above the $112,500 and $113,200 resistance ranges.

The worth climbed above the 50% Fib retracement stage of the primary drop from the $123,750 swing high to the $100,000 low. The bulls even pushed the value above the $114,000 resistance stage. However, there are a lot of hurdles on the upside.

Bitcoin is now buying and selling beneath $116,000 and the 100 hourly Simple moving average. Besides, there’s a bearish pattern line forming with resistance at $119,250 on the hourly chart of the BTC/USD pair.

Immediate resistance on the upside is close to the $115,000 stage. The first key resistance is close to the $116,000 stage. The subsequent resistance might be $118,150 and the 76.4% Fib retracement stage of the primary drop from the $123,750 swing high to the $100,000 low.

A detailed above the $118,150 resistance would possibly ship the value additional larger. In the said case, the value might rise and check the $119,250 resistance and the pattern line. Any extra features would possibly ship the value towards the $120,000 stage. The subsequent barrier for the bulls might be $122,500.

Another Drop In BTC?

If Bitcoin fails to rise above the $115,000 resistance zone, it might begin a contemporary decline. Immediate help is close to the $113,600 stage. The first main help is close to the $112,500 stage.

The subsequent help is now close to the $111,200 zone. Any extra losses would possibly ship the value towards the $110,500 help within the close to time period. The essential help sits at $110,000, beneath which BTC would possibly battle to recuperate within the quick time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $113,500, adopted by $112,500.

Major Resistance Levels – $115,000 and $116,000.

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