Bitcoin price rebounded above USD 34,000 but struggled against the US dollar nearly USD 35,000. BTC is currently declining and remains at risk of more losses below $ 32K.
- Bitcoin struggled to gain momentum above USD 34,500 and remained below USD 35,000.
- The price is currently well below $ 33,000 and is testing the 100 easy hourly moving average.
- A major bullish trendline is forming with support near USD 32,400 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to decline further towards USD 31,500 and USD 30,800 in the near term.
Bitcoin price is failing at $ 35K
Yesterday, there was a decent recovery in bitcoin price above the USD 33,800 and USD 34,000 resistance levels. BTC even broke the USD 34,500 level and hit above the 100 easy hourly moving average.
However, the bulls struggled to gain strength above USD 34,500 and the price remained below USD 35,000. A high was formed at $ 34,872 before the price started to decline again. There was a break below the USD 34,000 and USD 33,800 support levels.
Bitcoin price fell below the 50% Fib retracement level from the upward move from the $ 30,943 swing low to $ 34,872 high. It is now trading well below $ 33,000 and testing the 100-hour simple moving average.
Source: BTCUSD on TradingView.com
A major bullish trendline is also forming with support near USD 32,400 on the hourly chart of the BTC / USD pair. The trend linen is close to the 76.4% Fib retracement level of the upward move from the $ 30,943 swing low to the $ 34,872 high.
A downside break and close below USD 32,000 could trigger another drop. In the case mentioned it is price is likely to remain lower to the $ 30,800 support or even $ 30,000.
New benefits in BTC?
If bitcoin stays above the USD 32,400 and USD 32,000 support levels, it could start a fresh rise. An initial resistance on the upside is near USD 33,000.
The first major resistance is near USD 33,800. The main resistance is still near the USD 34,500 and USD 35,000 levels, above which the price is likely to accelerate higher in the near term.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well below the 50 level.
Key Support Levels – USD 32,400, followed by USD 30,800.
Major Resistance Levels – USD 33,000, USD 33,800 and USD 34,500.