Bitcoin price failed to clear the key USD 36,000 resistance zone against the US dollar. BTC is showing some bearish signals and it could decline further towards USD 30,000.
- Bitcoin failed to gain momentum above the 36,000 and USD 36,200 resistance levels.
- The price is now struggling below $ 35,000 and the 100 simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 34,600 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could continue to decline towards $ 30,000 as long as it stays below $ 35,000.
Bitcoin price is showing bearish signs
After trading as low as USD 30,312, bitcoin price started to rally again. BTC surpassed the USD 32,000 and USD 34,000 resistance levels to move into positive zone.
The price even spiked above the USD 36,000 resistance. However, there was no close above USD 36,200 and USD 36,500 (a major hurdle as discussed yesterday). As a result, there was a rejection near USD 36,500 and the price declined below the USD 35,000 level.
There was a break below the $ 34,000 level and the 100-hour simple moving average. The price even broke the 50% Fib retracement level of the upward move from the low of $ 30,312 to the high of $ 36,617.
Source: BTCUSD on TradingView.com
A major bearish trendline is also forming with resistance near $ 34,600 on the hourly chart of the BTC / USD pair. An initial support on the downside is near the USD 32,700 level. It is close to the 61.8% Fib retracement level of the upward move from $ 30,312 low to $ 36,617 high.
The next big support is near the USD 31,700 level, below which bitcoin price could continue to decline towards the USD 30,500 and USD 30,000 levels. Even more losses could push the price into the USD 28,000 support zone.
New increase in BTC?
To get into a positive zone, bitcoin price has to overcome many hurdles, starting at USD 34,600. The first major resistance for the bulls is near USD 35,000.
The main resistance is still near the USD 36,000, USD 36,200 and USD 36,500 levels. A slot above $ 36,500 will likely be one fresh rally towards $ 39,200 and $ 40,000 in the near term.
Hourly MACD – The MACD is slowly gaining traction in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is recovering, but is still below the 50 level.
Key Support Levels – USD 32,700, followed by USD 31,700.
Key Resistance Levels – USD 35,000, USD 36,000 and USD 36,500.