Bitcoin Price Declines Further, Can Buyers Prevent Another Sharp Drop?

Bitcoin price is attempting to recover from $110,650. BTC is back above $112,200 but faces many hurdles on the way up to $115,000. Bitcoin started a recovery wave above the $112,000 ￰0￱ price is trading below $114,000 and the 100 hourly Simple moving ￰1￱ is a key bearish trend line forming with resistance at $114,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $114,500 resistance ￰2￱ Price Dips Again Bitcoin price started a fresh decline after a close below the $114,500 ￰3￱ gained bearish momentum and traded below the $113,200 support ￰4￱ was a move below the $112,000 support zone and the 100 hourly Simple moving ￰5￱ pair tested the $110,6500 zone.

A low was formed at $110,692 and the price is now attempting to ￰6￱ climbed above the 23.6% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 ￰7￱ is now trading below $114,000 and the 100 hourly Simple moving ￰8￱ resistance on the upside is near the $113,600 ￰9￱ first key resistance is near the $114,000 ￰10￱ is also a key bearish trend line forming with resistance at $114,000 on the hourly chart of the BTC/USD ￰11￱ next resistance could be $114,800 or the 61.8% Fib retracement level of the recent decline from the $117,354 swing high to the $110,692 low. A close above the $114,800 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $115,500 resistance ￰13￱ more gains might send the price toward the $115,500 ￰14￱ main target could be $116,500.

Another Decline In BTC? If Bitcoin fails to rise above the $114,000 resistance zone, it could start a fresh ￰15￱ support is near the $112,500 ￰16￱ first major support is near the $112,200 ￰17￱ next support is now near the $111,500 ￰18￱ more losses might send the price toward the $110,650 support in the near ￰19￱ main support sits at $108,500, below which BTC might take a major ￰20￱ indicators: Hourly MACD – The MACD is now losing pace in the bearish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰22￱ Support Levels – $112,200, followed by $112,000. Major Resistance Levels – $113,500 and $114,000.