Bitcoin price is correcting gains below $112,500. If BTC stays below the $112,000 resistance, it could continue to fall.
- Bitcoin began a downward correction below the $112,000 support.
- The price is trading below $112,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming at resistance $111,500.
- The pair could continue to decline if it trades below the $108,800 area.
Bitcoin price falls further
Bitcoin price failed to sustain above the $113,500 pivot level and losses widened. BTC fell below $112,500 and $112,000, entering a bearish zone.
The decline was such that the price was trading below the 61.8% Fib retracement level, rising from the $106,718 swing low to the $116,310 high. Moreover, on the hourly chart of the BTC/USD pair, there is a bearish trend line with resistance forming at $111,500.
Bitcoin is currently trading below $112,000 and the 100-hour simple moving average. If the bulls attempt a new rally, the price may face resistance near the $111,500 level and trend line. The first major resistance is near the $112,000 level.
The next resistance could be at $112,500. A break above the $112,500 resistance could push the price higher. If stated, the price could move higher to test the $113,200 resistance. More profits could push the price higher to the $113,500 level. The next barrier for the bulls could be $115,000 and $115,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $112,500 resistance zone, it may continue to fall. Immediate support is near the $110,000 level. The first major support is near the $108,800 level or the 76.4% Fib retracement level of the rise from the $106,718 swing low to the $116,310 high.
The next support level is now near $108,000. Any more losses could lead the price towards the $106,500 support in the near term. The main support level is $103,500, below which BTC may find it difficult to recover in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support level – $108,800, then $108,000.
Key resistance levels – $111,500 and $112,000.