Bitcoin price is attempting a recovery wave above $110,000. BTC is now rising and might gain pace if it clears the $112,000 resistance level.
The price cleared the 50% Fib retracement level of the key drop from the $113,457 swing high to the $107,352 low. The upward move was such that the price spiked above the $111,200 level. Besides, there is a short-term rising channel forming with support at $110,500 on the hourly chart of the BTC/USD pair.
The next resistance could be $112,500. A close above the $112,500 resistance might send the price further higher. In the stated case, the price could rise and test the $113,450 resistance level. Any more gains might send the price toward the $114,500 level. The main target could be $115,500.
If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh decline. Immediate support is near the $110,400 level. The first major support is near the $109,500 level.
The next support is now near the $108,500 zone. Any more losses might send the price toward the $107,350 support in the near term. The main support sits at $105,500, below which BTC might decline sharply.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $110,400, followed by $109,500.
Major Resistance Levels – $111,500 and $112,500.
