Bitcoin Recovery Builds – Can BTC Turn Momentum Into a Rally?

Bitcoin price is attempting to recover above $112,500. BTC is now consolidating and might rise if it clears the $114,250 resistance ￰0￱ started a fresh increase above the $113,200 ￰1￱ price is trading below $113,000 and the 100 hourly Simple moving ￰2￱ was a break above a bearish trend line with resistance at $112,300 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another increase if it clears the $114,250 ￰3￱ Price Eyes Recovery Bitcoin price started a fresh recovery wave from the $110,200 ￰4￱ managed to climb above the $111,500 and $112,500 resistance ￰5￱ bulls were able to push the price above $113,000 and $114,000.

Besides, there was a break above a bearish trend line with resistance at $112,300 on the hourly chart of the BTC/USD ￰6￱ pair traded as high as $114,270 and recently started a consolidation ￰7￱ was a minor decline below $114,000. The price tested the 23.6% Fib retracement level of the recent move from the $110,815 swing low to the $114,270 ￰8￱ is now trading above $112,500 and the 100 hourly Simple moving ￰9￱ resistance on the upside is near the $114,250 ￰10￱ first key resistance is near the $114,500 ￰11￱ next resistance could be $115,000. A close above the $115,000 resistance might send the price further ￰12￱ the stated case, the price could rise and test the $115,500 resistance ￰13￱ more gains might send the price toward the $116,200 ￰14￱ main target could be $118,000.

Another Decline In BTC? If Bitcoin fails to rise above the $114,250 resistance zone, it could start a fresh ￰15￱ support is near the $113,500 ￰16￱ first major support is near the $112,500 level or the 50% Fib retracement level of the recent move from the $110,815 swing low to the $114,270 ￰17￱ next support is now near the $112,000 ￰18￱ more losses might send the price toward the $111,500 support in the near ￰19￱ main support sits at $110,500, below which BTC might decline ￰20￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰21￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰22￱ Support Levels – $112,500, followed by $112,000.

Major Resistance Levels – $114,250 and $115,000.