Key Highlights
- Bitcoin corrected gains and traded below the $112,000 support.
- BTC/USD now faces resistance near a bearish trend line at $115,500 on the 4-hour chart.
- Ethereum is consolidating gains above the $4,250 support.
- XRP price is showing a few bearish signs below $3.00.
Bitcoin Price Technical Analysis
Bitcoin price started a downside correction below $112,500 against the US Dollar. BTC even declined below $110,000 before the bulls appeared.
Looking at the 4-hour chart, the price tested the $108,650 zone and is currently consolidating losses. If there is a recovery wave, the price could face resistance near $112,000 and the 38.2% Fib retracement level of the downward move from the $117,407 swing high to the $108,637 low.
The next key resistance is $114,000 or the 61.8% Fib retracement. The main hurdle is now forming near a bearish trend line at $115,500 on the same chart. It coincides with the 100 simple moving average (red, 4-hour) and the 200 simple moving average (green, 4-hour).
A successful close above $115,500 might start another steady increase. In the stated case, the price may perhaps rise toward the $118,000 level. Any more gains might call for a test of $120,000.
Immediate support is $108,500. A downside break below $108,500 might send BTC toward the $106,500 support. Any more losses might send the price toward the $103,200 support zone.
Looking at Ethereum, the price traded to a new all-time high close to $5,000, and it is now consolidating gains above $4,250.
Today’s Key Economic Releases
- EIA Crude Oil Stocks Change.
- MBA Mortgage Applications.
