Bitcoin Price Recovery Underway – But Momentum Tells a Different Story?

Bitcoin price is attempting a recovery wave above $111,000. BTC is now rising and might gain pace if it clears the $112,500 resistance ￰0￱ started a recovery wave above the $111,200 ￰1￱ price is trading above $111,200 and the 100 hourly Simple moving ￰2￱ is a short-term rising channel forming with support at $111,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $112,500 ￰3￱ Price Extends Recovery Bitcoin price started a fresh recovery wave above the $109,500 ￰4￱ was able to climb above the $110,000 and $110,500 resistance ￰5￱ price cleared the 61.8% 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 even surpassed the $112,000 resistance zone.

Besides, there is a short-term rising channel forming with support at $111,500 on the hourly chart of the BTC/USD ￰7￱ is now trading above $111,000 and the 100 hourly Simple moving average . Moreover, the price is now consolidating near the 76.4% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 ￰8￱ resistance on the upside is near the $112,500 ￰9￱ first key resistance is near the $112,800 ￰10￱ next resistance could be $113,450. A close above the $113,450 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $114,500 resistance ￰12￱ more gains might send the price toward the $115,000 ￰13￱ main target could be $115,500.

Another Pullback In BTC? If Bitcoin fails to rise above the $112,500 resistance zone, it could start a fresh ￰14￱ support is near the $111,500 ￰15￱ first major support is near the $110,500 ￰16￱ next support is now near the $110,000 ￰17￱ more losses might send the price toward the $109,250 support in the near ￰18￱ main support sits at $108,500, below which BTC might decline ￰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 – $111,500, followed by $110,000. Major Resistance Levels – $112,500 and $113,450.