Bitcoin (BTC): Recovery Rally or More Sideways Action? Price Analysis

A sustained price surge from Bitcoin (BTC) has so far failed to materialise. A quick $3,000 increase over the course of Sunday is battling to hold above the $112,000 horizontal resistance on ￰0￱ the price head back down to $108,000 and continue its chop sideways, or do the bulls have a trick up their sleeves yet? $112,000 horizontal level - rejection or breakout?) crosses down below the 100-day SMA (green line). While the term “death cross” is usually reserved for a cross of the 50-day and 200-day simple moving averages, the name can still be used in this case, and it does signal a potential shift to a bearish trend. Historically, this cross down can generally coincide with a $BTC price pullback or an extended ￰1￱ factors like an RSI below the 50.00 level would tend to confirm ￰2￱ RSI indicator is just below 50.00 on the daily chart, so it will be very important to note whether the $112,000 horizontal support level does ￰3￱ level can be clearly seen in the chart above to provide significant support.

Sunday’s strong green candle pushed through the descending trendline and Monday’s candle has opened above - at least this is a very good sign so ￰4￱ weekly candles, but bearish Stochastic RSI cross-down