๐ Bitcoin Bulls Regain Control โ Is a Short-Term Rally Brewing?
Bitcoin is trying to rally above $114,200. BTC is stabilizing and may break $115,500.
Bitcoin began a recovery above $113,500.
The price is over $114,000 and the 100-hour SMA.
BTC/USD broke above a bearish trend line with resistance at $114,300 on the hourly chart.
If it breaks $115,500 barrier, the pair may rise again.
Bitcoin attempts recovery
Bitcoin launched a comeback at $112,000 after finding support. BTC broke $113,500 and $114,200 resistance.
BTC/USD broke above a bearish trend line with resistance at $114,300 on the hourly chart. The price approached the 50% Fib retracement level of the $118,918 swing high to $112,000 low.
The price failed to rise around $115,500 barrier due to bears. Bitcoin is over $114,000 and the 100-hour SMA.
Immediate resistance on the upside is near the $115,000 level. First major resistance is at $115,500. The next resistance could be $116,250 or the 61.8% Fib retracement level of the move from the $118,918 swing high to the $112,000 low.
A close above $116,250 resistance could boost prices. The price may increase to $117,500 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 $115,500. Near $114,200 is immediate support. Near $113,500 is the first big support.
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.
Technical indicators:
Hourly MACD โ The MACD is now losing pace in the bearish zone.
Relative Strength Index hourly BTC/USD RSI is above 50.
Major Support Levels โ $113,500, followed by $112,000.
Major Resistance Levels โ $115,500 and $117,500.
