Bitcoin Price Wobbles — Is A Sharp Downside Move On The Horizon?

Bitcoin price is struggling to settle above $113,500 and $114,000. BTC is now consolidating and might start another decline below $110,000. Bitcoin started a fresh decline after it failed to clear the $114,000 resistance ￰0￱ price is trading below $113,000 and the 100 hourly Simple moving ￰1￱ is a bearish trend line forming with resistance at $112,000 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 $110,200 ￰2￱ Price Faces Hurdles Bitcoin price started a recovery wave above the $112,500 resistance ￰3￱ recovered above the $112,800 and $113,000 resistance ￰4￱ price climbed above the 50% Fib retracement level of the recent decline from the $115,975 swing high to the $110,000 ￰5￱ bulls even pushed the price above the $113,500 resistance level.

However, there are many hurdles on the ￰6￱ is now trading below $113,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $112,000 on the hourly chart of the BTC/USD ￰7￱ resistance on the upside is near the $112,000 ￰8￱ first key resistance is near the $113,000 ￰9￱ next resistance could be $113,700 and the 61.8% Fib retracement level of the recent decline from the $115,975 swing high to the $110,000 low. A close above the $113,700 resistance might send the price further ￰10￱ the stated case, the price could rise and test the $114,500 ￰11￱ more gains might send the price toward the $115,250 ￰12￱ next barrier for the bulls could be $115,500.

Another Decline In BTC? If Bitcoin fails to rise above the $113,000 resistance zone, it could start a fresh ￰13￱ support is near the $110,200 ￰14￱ first major support is near the $110,000 ￰15￱ next support is now near the $109,500 ￰16￱ more losses might send the price toward the $108,500 support in the near ￰17￱ main support sits at $107,200, below which BTC might struggle to recover in the short ￰18￱ indicators: Hourly MACD – The MACD is now gaining pace in the bearish ￰19￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 ￰20￱ Support Levels – $110,200, followed by $110,000. Major Resistance Levels – $112,000 and $113,000.