Bitcoin price is stuck in a range below USD 33,500 and USD 33,800 resistance levels against the US dollar. BTC is likely to stay lower unless it clears the USD 33,800 resistance.
- Bitcoin retested the USD 31,000 zone and managed to stay within range.
- The price is currently facing resistance near USD 32,800 and the 100 simple hourly moving average.
- There is a short term ascending channel or one bear flagging with support near USD 31,900 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could range trade with strong resistance near USD 33,500 and USD 33,800.
Bitcoin price is facing strong resistance
After a failed attempt to clear the USD 35,000 resistance, bitcoin price cropped gains and traded below USD 33,800. BTC even broke the USD 32,500 level and hit below the 100 simple hourly moving average.
It peaked below the USD 31,000 level, but it remained stable above USD 30,800. A low is forming near USD 30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from $ 34,915 high to $ 30,823 low.
Bitcoin price is currently facing resistance near USD 32,800 and the 100 simple hourly moving average. The 50% Fib retracement level of the downward move from the $ 34,915 high to $ 30,823 low is also near $ 32,800.
Source: BTCUSD on TradingView.com
At first it seems like there is a short term ascending channel or one bear flagging with support at USD 31,900 on the hourly chart of the BTC / USD pair. To stay higher, the bulls need to get stronger than USD 32,500, USD 32,800 and the 100 hourly SMA.
The next strong resistance is near the USD 33,500 and USD 33,800 levels. A close above USD 33,800 could increase the chances of a steady rise in the coming sessions.
A refreshing dip in BTC?
If bitcoin fails to lift the USD 32,800 or USD 33,500 resistance, it could trigger another decline. An initial support is near the USD 31,900 channel support.
A clear break below the channel support could open the doors for a larger drop towards the USD 30,800 support. Further losses could potentially require a downside break below the USD 30,000 support zone.
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 50 level.
Key Support Levels – USD 31,800, followed by USD 30,800.
Key Resistance Levels – USD 32,800, USD 33,500 and USD 33,800.