Bitcoin Price Weakens – Fresh Downside Risk If Bulls Fail Soon

Bitcoin price is struggling to recover above $111,500. BTC is now consolidating and might decline if there is a move below the $110,000 ￰0￱ started a recovery wave above the $110,500 ￰1￱ price is trading below $111,000 and the 100 hourly Simple moving ￰2￱ is a bullish trend line 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 $111,500 ￰3￱ Price Struggles To Recover Bitcoin price started a fresh recovery wave above the $112,000 zone but upside was ￰4￱ peaked near $113,500 and started a fresh ￰5￱ was a move below the $112,000 and $115,000 ￰6￱ price even tested the $110,000 ￰7￱ recent low was formed at $110,039 and the price is now ￰8￱ was a move above the 23.6% Fib retracement level of the recent decline from the $113,372 swing high to the $110,039 low.

However, the bears are active below the $112,000 ￰9￱ is now trading below $111,000 and the 100 hourly Simple moving average. Besides, there is a bullish trend line forming with support at $110,500 on the hourly chart of the BTC/USD ￰10￱ resistance on the upside is near the $111,250 ￰11￱ first key resistance is near the $111,700 level or the 50% Fib retracement level of the recent decline from the $113,372 swing high to the $110,039 ￰12￱ next resistance could be $112,580. A close above the $112,580 resistance might send the price further ￰13￱ the stated case, the price could rise and test the $113,500 resistance ￰14￱ more gains might send the price toward the $114,200 ￰15￱ main target could be $115,000.

Another Drop In BTC? If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh ￰16￱ support is near the $110,500 level and the trend ￰17￱ first major support is near the $110,000 ￰18￱ next support is now near the $109,350 ￰19￱ more losses might send the price toward the $108,500 support in the near ￰20￱ main support sits at $107,500, below which BTC might decline ￰21￱ indicators: Hourly MACD – The MACD is now losing pace in the bullish ￰22￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰23￱ Support Levels – $110,500, followed by $109,350. Major Resistance Levels – $112,000 and $112,580.