Summary
- A crypto asset analyst analyzed that Bitcoin could continue to decline if it fails to recover 111,200 dollars.
- Technical indicators show MACD momentum weakening and RSI falling below 50, signaling selling pressure dominance.
- If it breaks above 112,300 dollars, it could attempt short-term rebounds to 113,200 dollars, 114,200 dollars, 115,000 dollars.
Bitcoin may continue a short-term downtrend if it fails to recover the 111,200 dollars level, an analysis suggested.
On the 10th (local time), NewsBTC reported that crypto asset analyst Aayush Jindal said, "Bitcoin is currently trading below 111,500 dollars and the 100-hour simple moving average, and if it fails to break above 112,300 dollars, it could test the 110,800 dollars support."
According to the analysis, Bitcoin bounced back around the 111,100 dollars area but faced selling pressure near 113,200 dollars and was pushed back below 112,000 dollars. It then fell to 110,820 dollars before a slight rebound, but short-term resistance is formed at 111,700 dollars and 112,300 dollars. If it fails to break these, it is likely to test supports at 110,200 dollars, 108,800 dollars, and 107,500 dollars in sequence.
Conversely, if it settles above 112,300 dollars, a short-term upward move could open up and it may attempt rebounds to 113,200 dollars, 114,200 dollars, and 115,000 dollars, the analysis said.
Current technical indicators show somewhat bearish signals. The hourly MACD shows a slowdown in bullish momentum, and the RSI (relative strength index) has fallen below 50. This indicates selling pressure is stronger than buying pressure.
YM Lee
20min@bloomingbit.ioCrypto Chatterbox_ tlg@Bloomingbit_YMLEE
