📊 Bitcoin Price Teeters Below Resistance — Correction Brewing?
Bitcoin struggles to break $116,200. BTC is consolidating and may go below $112,500.
Bitcoin fell again from $115,500.
The price is below $114,000 and the 100-hour SMA.
The hourly BTC/USD chart shows a negative trend line with resistance at $114,400.
If it breaks $115,500 barrier, the pair may rise again.
Bitcoin Price Struggles
Bitcoin launched a comeback at $112,000 after finding support. BTC broke $113,200 and $114,000 barriers.
The price rose beyond the 23.6% Fib retracement level of the $118,918 swing high to $112,000 low decline. The price failed to rise around $115,500 barrier due to bears.
Resistance came from the 50% Fib retracement level of the $118,918 swing high to $112,000 low. Bitcoin has fallen below $114,000 and the 100-hour SMA. The hourly BTC/USD chart shows a negative trend line with resistance at $114,400.
Near $114,000 is immediate upward barrier. First major resistance is at $115,000. The next hurdle may be $115,500. A close above $115,500 barrier might boost prices. The price may increase to $116,500 resistance. More advances might push the price beyond $118,000. The goal may be $120,000.
Another BTC Drop?
Bitcoin may fall again if it fails to break $115,000 barrier. Near $113,200 is immediate support. First main support is about $112,500.
Close to $112,000 is the next support. More losses might push the price beyond $110,500. BTC may go below $108,500, the primary support.
The technical indications
Hourly MACD - The negative zone is strengthening.
Relative Strength Index hourly BTC/USD RSI is below 50.
Major Support Levels: $112,600, $112,000.
Major Resistance Levels: $115,000, $115,500.
