Bitcoin Faces Rejection — Resistance Zone Caps Upside After Recent Increase

Bitcoin price is correcting gains below $113,500. BTC could continue to move down if it stays below the $114,200 ￰0￱ started a downside correction below the $114,200 ￰1￱ price is trading below $114,000 and the 100 hourly Simple moving ￰2￱ was a break below a bullish trend line with support at $114,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to move down if it trades below the $112,000 ￰3￱ Price Starts Pullback Bitcoin price extended gains above the $113,500 ￰4￱ gained pace for a move above the $115,000 pivot ￰5￱ price even spiked above $116,200 before the bears appeared. A high was formed at $116,309 and the price is now correcting some ￰6￱ was a move below the $114,200 support ￰7￱ price dipped below the 23.6% Fib retracement level of the recent wave from the $106,718 swing low to the $116,309 high.

Moreover, there was a break below a bullish trend line with support at $114,050 on the hourly chart of the BTC/USD ￰8￱ is now trading below $114,000 and the 100 hourly Simple moving ￰9￱ resistance on the upside is near the $113,650 ￰10￱ first key resistance is near the $114,200 ￰11￱ next resistance could be $115,000. A close above the $115,000 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $116,200 ￰13￱ more gains might send the price toward the $117,500 ￰14￱ next barrier for the bulls could be $118,000. More Losses In BTC? If Bitcoin fails to rise above the $114,200 resistance zone, it could continue to move ￰15￱ support is near the $112,000 ￰16￱ first major support is near the $111,500 level or the 50% Fib retracement level of the recent wave from the $106,718 swing low to the $116,309 ￰17￱ next support is now near the $110,500 ￰18￱ more losses might send the price toward the $110,000 support in the near ￰19￱ main support sits at $108,500, below which BTC might struggle to recover in the short ￰20￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰22￱ Support Levels – $112,000, followed by $111,500.

Major Resistance Levels – $114,200 and $115,000.