Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price extended losses after it traded below $114,000. BTC is now consolidating losses and might decline further to test the $110,500 support zone.
- Bitcoin started a fresh decline below the $114,000 zone.
- The price is trading below $114,000 and the 100 hourly Simple moving average.
- There is a bearish trend line forming with resistance at $113,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might start another increase if it clears the $114,000 zone.
Bitcoin Price Starts Consolidation
Bitcoin price failed to stay above the $115,500 zone and started a fresh decline. BTC declined below the $115,000 and $114,000 support levels to enter a short-term bearish zone.
The decline gained pace below the $113,500 level. A low was formed at $111,557 and the price is now consolidating losses below the 23.6% Fib retracement level of the recent decline from the $117,920 swing high to the $111,557 low.
Bitcoin is now trading below $113,200 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $113,600 on the hourly chart of the BTC/USD pair.
Immediate resistance on the upside is near the $113,000 level. The first key resistance is near the $113,500 level and the trend line. The next resistance could be $114,000. A close above the $114,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $114,750 resistance level or the 50% Fib retracement level of the recent decline from the $117,920 swing high to the $111,557 low. Any more gains might send the price toward the $115,500 level. The next barrier for the bulls could be $116,250.
Another Decline In BTC?
If Bitcoin fails to rise above the $114,000 resistance zone, it could start a fresh decline. Immediate support is near the $112,000 level. The first major support is near the $111,750 level.
The next support is now near the $110,500 zone. Any more losses might send the price toward the $108,800 support in the near term. The main support sits at $107,500, below which BTC might gain bearish momentum.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $112,000, followed by $111,750.
Major Resistance Levels – $113,600 and $114,000.
