Bitcoin Price Stabilizes – Is This the Start of a Comeback?

Bitcoin price is still showing bearish signs below $112,000. BTC is now attempting to recover and might face hurdles near the $110,500 ￰0￱ started a fresh decline below the $112,000 ￰1￱ price is trading below $110,500 and the 100 hourly Simple moving ￰2￱ was a break above a short-term contracting triangle with resistance at $108,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $110,500 ￰3￱ Price Starts Consolidation Bitcoin price attempted a fresh recovery wave from the $107,350 ￰4￱ was able to climb above the $108,200 and $108,400 resistance ￰5￱ price cleared the 23.6% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low.

Besides, there was a break above a short-term contracting triangle with resistance at $108,800 on the hourly chart of the BTC/USD pair. However, the bears are still active near $109,500. The price is now consolidating near $109,500. Bitcoin is now trading below $110,000 and the 100 hourly Simple moving ￰6￱ resistance on the upside is near the $109,500 ￰7￱ first key resistance is near the $110,200 ￰8￱ next resistance could be $110,500 or the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low.

A close above the $110,500 resistance might send the price further ￰9￱ the stated case, the price could rise and test the $111,650 resistance ￰10￱ more gains might send the price toward the $112,500 ￰11￱ main target could be $113,500. Another Decline In BTC? If Bitcoin fails to rise above the $110,500 resistance zone, it could start a fresh ￰12￱ support is near the $108,800 ￰13￱ first major support is near the $108,200 ￰14￱ next support is now near the $107,350 ￰15￱ more losses might send the price toward the $106,500 support in the near ￰16￱ main support sits at $105,500, below which BTC might decline ￰17￱ indicators: Hourly MACD – The MACD is now losing pace in the bearish ￰18￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰19￱ Support Levels – $108,800, followed by $108,000.

Major Resistance Levels – $109,500 and $110,500.