Bitcoin’s Wild Ride

by

Ah, Bitcoin, the rebellious teenager of the financial world 🤣. It’s like it’s trying to prove to the world that it can do whatever it wants, whenever it wants. One day it’s down, the next day it’s up, and we’re all just along for the ride 🎢. Currently, it’s attempting a recovery wave above $111,500, because why not? 🤷‍♂️

  • Bitcoin started a recovery wave above the $111,000 zone, because it had to do something to make the analysts’ lives interesting 😜.
  • The price is trading above $111,000 and the 100 hourly Simple moving average, which is just a fancy way of saying it’s doing what it wants 📈.
  • There is a connecting bearish trend line forming with resistance at $111,600 on the hourly chart of the BTC/USD pair, but who needs trends when you have Bitcoin? 😂
  • The pair might start another decline if it stays below the $112,500 zone, but let’s be real, it’s Bitcoin, it can do anything 🤪.

Bitcoin Price Eyes Upside Break… or Does It?

Bitcoin price started a fresh recovery wave above the $109,650 zone, because it needed a little excitement in its life 🎉. It was able to climb above the $110,200 and $110,500 resistance levels, but don’t get too excited, it’s not like it’s going to make it easy for anyone 😏.

The recent swing low was formed at $109,369 before the price climbed again, because who needs stability when you have volatility? 🤯. There was a move above the 50% Fib retracement level of the recent decline from the $112,537 swing high to the $109,369 low, but let’s not get ahead of ourselves, it’s still a wild ride 🎠.

Bitcoin is now trading above $111,000 and the 100 hourly Simple moving average, which is just a number, really 🤔. Immediate resistance on the upside is near the $111,600 level, but don’t worry, it’s not like it’s going to stop there 🚀.

The first key resistance is near the $111,800 level or the 76.4% Fib retracement level of the recent decline from the $112,537 swing high to the $109,369 low, but who’s counting? 🤷‍♂️. The next resistance could be $112,000, and if it breaks through that, who knows what will happen? 🤯. Any more gains might send the price toward the $113,200 level, and then $115,000, but don’t say I didn’t warn you 😜.

Another Drop In BTC? 😱

If Bitcoin fails to rise above the $112,000 resistance zone, it could start a fresh decline, because why not? 😂. Immediate support is near the $111,000 level, but don’t get too attached, it’s just a number 📊.

The first major support is near the $110,350 level, and the next support is now near the $109,350 zone, but let’s be real, it’s all just a game 🤮. Any more losses might send the price toward the $108,500 support in the near term, and then $107,500, but don’t worry, it’s all just part of the ride 🎢.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone, but don’t trust it, it’s Bitcoin we’re talking about 😜.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level, but who’s counting? 🤷‍♂️.

Major Support Levels – $110,350, followed by $109,350, but don’t get too attached, they’re just numbers 📊.

Major Resistance Levels – $112,000 and $112,500, but let’s be real, it’s all just a game 🤮.

Read More

2025-09-05 05:30