Bitcoin Bounces Back – Could Current Recovery Trigger Fresh Bullish Momentum?

Bitcoin price found support near $108,680 and started a recovery ￰0￱ is trading above $111,000 and facing hurdles near $112,500. Bitcoin started a fresh recovery wave above the $110,500 ￰1￱ price is trading above $110,500 and the 100 hourly Simple moving ￰2￱ was a break above a connecting bearish trend line with resistance at $109,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move up if it clears the $112,500 ￰3￱ Price Starts Recovery Bitcoin price managed to stay above the $108,500 zone and started a recovery ￰4￱ settled above the $109,500 resistance zone to start the current ￰5￱ was a clear move above the 50% Fib retracement level of the downward wave from the $113,940 swing high to the $108,680 low.

Besides, there was a break above a connecting bearish trend line with resistance at $109,600 on the hourly chart of the BTC/USD ￰6￱ bulls even pushed the price above $112,000 before the bears ￰7￱ is now trading above $111,500 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $112,400 ￰9￱ first key resistance is near the $112,500 level and another trend ￰10￱ next resistance could be $113,700 or the 76.4% Fib retracement level of the downward wave from the $113,940 swing high to the $108,680 low. A close above the $112,700 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $113,500 ￰12￱ more gains might send the price toward the $114,500 ￰13￱ next barrier for the bulls could be $115,00.

Another Drop In BTC? If Bitcoin fails to rise above the $112,500 resistance zone, it could start a fresh ￰14￱ support is near the $111,300 ￰15￱ first major support is near the $110,500 ￰16￱ next support is now near the $109,500 ￰17￱ more losses might send the price toward the $108,800 support in the near ￰18￱ main support sits at $107,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $111,300, followed by $110,500. Major Resistance Levels – $112,500 and $112,700.