Bitcoin Price Under Pressure – Charts Turn Bearish As Bulls Lose Control

Bitcoin price corrected losses and traded above the $115,000 ￰0￱ is now struggling and might start another decline below $110,000. Bitcoin started a fresh decline after it failed to clear the $116,000 resistance ￰1￱ price is trading below $115,000 and the 100 hourly Simple moving ￰2￱ is a bearish trend line forming with resistance at $118,250 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 $110,500 ￰3￱ Price Faces Resistance Bitcoin price started a recovery wave above the $112,000 resistance ￰4￱ recovered above the $112,500 and $113,200 resistance ￰5￱ price climbed above the 61.8% Fib retracement level of the downward move from the $122,498 swing high to the $100,000 ￰6￱ bulls even pushed the price above the $115,000 resistance level.

However, there are many hurdles on the ￰7￱ is now trading below $115,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $118,250 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $114,000 ￰9￱ first key resistance is near the $115,000 ￰10￱ next resistance could be $116,000. A close above the $116,000 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $117,200 resistance and the 76.4% Fib retracement level of the downward move from the $122,498 swing high to the $100,000 ￰12￱ more gains might send the price toward the $117,250 ￰13￱ next barrier for the bulls could be $118,500.

Another Drop In BTC? If Bitcoin fails to rise above the $116,000 resistance zone, it could start a fresh ￰14￱ support is near the $111,800 ￰15￱ first major support is near the $110,500 ￰16￱ next support is now near the $110,200 ￰17￱ more losses might send the price toward the $108,500 support in the near ￰18￱ main support sits at $107,000, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰21￱ Support Levels – $111,800, followed by $110,500. Major Resistance Levels – $115,000 and $116,000.