Bitcoin V-Shaped Recovery Faces Hurdles – Can Bulls Sustain The Momentum?

Bitcoin price corrected losses and traded above the $114,000 ￰0￱ is now struggling and might face hurdles near the $116,000 ￰1￱ started a recovery wave above the $113,500 resistance ￰2￱ price is trading below $116,000 and the 100 hourly Simple moving ￰3￱ is a bearish trend line forming with resistance at $119,500 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 $113,500 ￰4￱ Price Starts Recovery Bitcoin price started a recovery wave after a massive liquidation event below $110,000. BTC recovered above the $111,500 and $112,000 resistance ￰5￱ price climbed above the 50% Fib retracement level of the sharp decline from the $123,750 swing high to the $100,000 ￰6￱ bulls even pushed the price above the $113,500 resistance level.

However, there are many hurdles on the ￰7￱ is now trading below $116,500 and the 100 hourly Simple moving average . Besides, there is a bearish trend line forming with resistance at $119,500 on the hourly chart of the BTC/USD ￰8￱ resistance on the upside is near the $116,000 ￰9￱ first key resistance is near the $116,250 ￰10￱ next resistance could be $118,000 and the 76.4% Fib retracement level of the sharp decline from the $123,750 swing high to the $100,000 low. A close above the $118,000 resistance might send the price further ￰11￱ the stated case, the price could rise and test the $119,500 resistance and the trend ￰12￱ more gains might send the price toward the $120,000 ￰13￱ next barrier for the bulls could be $122,500.

Another Decline In BTC? If Bitcoin fails to rise above the $116,000 resistance zone, it could start a fresh ￰14￱ support is near the $114,000 ￰15￱ first major support is near the $113,500 ￰16￱ next support is now near the $113,500 ￰17￱ more losses might send the price toward the $112,500 support in the near ￰18￱ main support sits at $110,500, below which BTC might struggle to recover in the short ￰19￱ indicators: Hourly MACD – The MACD is now gaining pace in the bullish ￰20￱ RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 ￰21￱ Support Levels – $113,500, followed by $112,500. Major Resistance Levels – $116,000 and $118,000.