Bitcoin prices are recovering from the $112,000 support zone. BTC is rising and may try to clear the $115,500 resistance zone to gain bullish momentum.

• Bitcoin has begun a decent upward move from the $112,000 zone.
• The price is trading above $114,000, and is a simple moving average of 100 hours.
• The hourly chart of the BTC/USD pair (data feed from Kraken) has $114,600 in support, creating a bullish trendline.
• The pair could begin another increase once they clear the $115,500 resistance zone.

Bitcoin price eye rise break

Bitcoin prices have begun downward movement from the $118,000 zone. BTC went below support levels of $115,000 and $113,500 to enter the short-term bearish zone.

We tested the $112,000 zone priced. The base has been formed and prices are now about to recover. There was a move above the $113,500 and $114,200 levels. Prices surpassed the 23.6% FIB retracement level of the downward movement from a high of $118,918 to a low of $112,000.

Bitcoin is currently trading over $114,200 and trades a simple moving average every 100 hours. Additionally, the hourly chart of the BTC/USD pair has $114,600 in support, creating a bullish trendline.

Immediate resistance is close to the $115,500 level. This is close to the 50% FIB retracement level of downward movement, from a Swing High of $118,918 to a low of $112,000. The first important resistance is close to the $116,250 level. The next resistance could be $116,800. Over $116,800 resistance could lead to even higher prices. If stated, the price may test a resistance level of $118,500. Any further profit could potentially send the price towards the $120,500 level. The main goal is $121,200.

Another reduction in BTC?

If Bitcoin does not rise above the $115,500 resistance zone, it could begin another decline. Immediate support is close to the $114,600 level. The first major support is close to the $113,500 level.

The following support is located near the $112,000 zone: Any further losses could send the price to $110,500 in the short term. The main support is $108,500 and BTC could continue to decline.

Technical indicators:

HOURLY MACD – MACD is currently increasing its pace in the bullish zone.

Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is above 50 levels.

Key support levels – $114,600, followed by $113,500.

Major resistance levels – $115,500 and $116,800.