Bitcoin Extends Slide as Bears Tighten Grip on Price Action

Bitcoin price is gaining pace below $115,500. BTC is still showing bearish signs and remains at risk of more losses below the $112,000 zone.

• Bitcoin started a fresh decline below the $116,500 zone.
• The price is trading below $115,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $115,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another increase if it clears the $115,500 resistance zone.

Bitcoin price started a fresh decline after a close below the $118,000 level. BTC gained bearish momentum and traded below the $116,500 support zone.

There was a move below the $115,500 support zone and the 100 hourly Simple moving average. The pair tested the $112,500 zone. A low was formed at $112,610 and the price is now consolidating below the 23.6% Fib retracement level of the recent decline from the $124,420 swing high to the $112,610 low.

Bitcoin is now trading below $116,000 and the 100 hourly Simple moving average. Immediate resistance on the upside is near the $114,200 level. The first key resistance is near the $115,000 level. There is also a key bearish trend line forming with resistance at $115,400 on the hourly chart of the BTC/USD pair.

The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In the stated case, the price could rise and test the $118,500 resistance level. It is close to the 50% Fib retracement level of the recent decline from the $124,420 swing high to the $112,610 low. Any more gains might send the price toward the $120,000 level. The main target could be $121,500.

If Bitcoin fails to rise above the $115,000 resistance zone, it could start a fresh decline. Immediate support is near the $112,500 level. The first major support is near the $112,000 level.

The next support is now near the $110,500 zone. Any more losses might send the price toward the $110,000 support in the near term. The main support sits at $108,000, below which BTC might take a major hit.

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 – $112,500, followed by $110,500.

Major Resistance Levels – $115,000 and $115,500.