Bitcoin Price Recovery Hopes Rise – Can Bulls Push It Past Resistance?

Bitcoin price is attempting a recovery wave above $110,000. BTC is now rising and might gain pace if it clears the $112,000 resistance ￰0￱ started a recovery wave above the $110,000 ￰1￱ price is trading above $111,000 and the 100 hourly Simple moving ￰2￱ is a short-term rising channel forming with support at $110,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $112,000 ￰3￱ Price Starts Recovery Bitcoin price started a fresh recovery wave above the $108,500 ￰4￱ was able to climb above the $108,800 and $110,000 resistance ￰5￱ price cleared the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 ￰6￱ upward move was such that the price spiked above the $111,200 level.

Besides, there is a short-term rising channel forming with support at $110,500 on the hourly chart of the BTC/USD pair. However, the bears are still active near $111,500. Bitcoin is now trading above $110,000 and the 100 hourly Simple moving ￰7￱ resistance on the upside is near the $111,500 ￰8￱ first key resistance is near the $112,000 level or the 76.4% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 ￰9￱ next resistance could be $112,500. A close above the $112,500 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $113,450 resistance ￰11￱ more gains might send the price toward the $114,500 ￰12￱ main target could be $115,500.

Another Decline In BTC? If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh ￰13￱ support is near the $110,400 ￰14￱ first major support is near the $109,500 ￰15￱ next support is now near the $108,500 ￰16￱ more losses might send the price toward the $107,350 support in the near ￰17￱ main support sits at $105,500, below which BTC might decline ￰18￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰20￱ Support Levels – $110,400, followed by $109,500. Major Resistance Levels – $111,500 and $112,500.