Oh, the whimsicality of Bitcoin! It yearns for stability above the illustrious $113,500 and $114,000, much like a wayward soul at a grand ball. Alas, it consolidates, preparing for perhaps yet another whimsical descent beneath the noble $110,000. How fickle are the winds of fortune!
It began its descent, for it had the audacity to not clear the stately gate of $114,000. Trading below $113,000 and that confounded 100 hourly simple moving average, it moves in a manner typical of a mischievous child avoiding chores. There indeed forms a bearish trendline, like a skeptical brow, with resistance at $112,000 upon the hourly chart of the BTC/USD pair-a reminder supplied faithfully by Kraken’s watchful gaze. A downward journey might continue should it sink below the $110,200 zone, akin to a sinking vessel adrift on an indifferent ocean.
“Bitcoin’s plight!” you exclaim. Yet, there was a moment of resurgence, a valiant effort above the $112,500 resistance level. Above $112,800 and $113,000, it climbed-oh so daringly above the 50% oracular Fib retracement level from the lofty $115,975 peak to the humble $110,000 trough. The sun temporarily warmed it as it rose above the $113,500 level, but alas! The ambiance was rife with challenges, like storm clouds scrubbing the horizon. Below $113,000 it hovered, like a falcon uncertain of wind currents, and not far from the 100 hourly moving average.
The bullish and the bearish shapes dance in the shadows on the charts with immediate resistance at $112,000. Quickly follows $113,000 resistance, then perhaps $113,700, near the lauded 61.8% Fib retracement. Fortune could then smile upon it, pushing it to $114,500 and, with giggling sprites, to treacherous $115,250 and above $115,500! Such heights! Such heights!
Yet a yarn of caution arises: Should it not rise above the $113,000 bulwark, one might anticipate yet another stunning fall. A support at $110,200 awaits, perhaps protective like a kindly aunt, with the first stern maestro at $110,000. Should misfortune deepen, $109,500 might welcome it with open arms, and beneath that, the shadowy depths of $108,500. Most melancholic of all is the sad signpost at $107,200, an echo of dreams whispering faintly in the undertow.
Technical prophets speak from their tomes:
From the furrows of the hourly MACD, a subtle shift betrays it, gaining pace in the bearish realm.
The hourly RSI (that tiresome Relative Strength Index), obeys the whims of the number below 50.
As for the crucial underpinnings, the majestic supports are steeled at $110,200 and $110,000-the latter first among equals.
Where resistance musters its forces are foremost at $112,000 and $113,000, awaiting Bitcoin’s audacious yet tentative footsteps.
Thus ends our ponderous reflection, pondering the looming and giddying dance of Bitcoin, forever clothed in uncertainty and drama. 🕰️
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2025-10-16 05:32