Bitcoin price is trying to break through the resistance level of $114,200. BTC is currently in a consolidation phase and may attempt to break through the resistance level of $115,500.
Bitcoin has started a recovery wave above the $113,500 area.
Trading price is above $114,000 and the 100-hour simple moving average.
On the hourly chart for BTC/USD, the bearish trend line has been broken, with resistance at $114,300 (data from Kraken).
If it breaks through the resistance area of $115,500, this currency pair may start to rise again.
Bitcoin price is trying to recover.
Bitcoin price found support near $112,000 and initiated a rebound. BTC successfully broke through the resistance levels of $113,500 and $114,200.
Moreover, on the BTC/USD hourly chart, the price has broken through the bearish trend line, with resistance at $114,300. The price has risen to the 50% Fibonacci retracement level from the swing high of $118,918 to the swing low of $112,000.
However, bears are active around the resistance level of $115,500, making it difficult for the price to continue rising. Bitcoin is currently trading above $114,000 and the 100-hour simple moving average.
The direct resistance level on the upside is around $115,000. The first key resistance level is around $115,500. The next resistance level may be $116,250, or the 61.8% Fibonacci retracement level from the swing high of $118,918 to the swing low of $112,000.
If the closing price breaks through the resistance level of $116,250, it may further push the price higher. In this case, the price could rise and test the resistance level of $117,500. If it continues to rise, the price may approach $118,000. The main target price level could be $120,000.
BTC declines again?
If Bitcoin fails to break through the resistance level of $115,500, it may decline again. Immediate support is around $114,200. The first major support level is around $113,500.
The next support level is currently around $112,000. If the price declines further, it may fall towards the support level of $110,500 in the short term. The main support level is at $108,500, and if this support level is broken, BTC may continue to decline.
Technical indicators:
Hourly MACD - The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is now above the 50 level.
Main support level - $113,500, followed by $112,000.
Main resistance levels - $115,500 and $117,500.
