Bitcoin’s price rose towards the USD 38,000 resistance, but failed to gain gains against the US dollar. BTC started a fresh decline and is now struggling to stay above USD 33,500.
- Bitcoin is showing a few bearish signals below the USD 35,000 and USD 35,500 resistance levels.
- The price is now trading near the $ 34,000 pivot point and the simple 100 (4 hours) moving average.
- A major bullish trendline is forming with support near USD 33,900 on the BTC / USD pair’s 4hr chart (Kraken data feed).
- The pair is either down sharply towards USD 31,000 or it could release USD 35,000 for another rise.
Bitcoin price remains in jeopardy
Over the past week, bitcoin price saw a sharp upward movement above the $ 35,000 resistance against the US dollar. The BTC / USD pair is up more than 15% and even climbed above the USD 36,500 level.
The price peaked above the USD 38,000 resistance and settled above the simple 100 (4 hours) moving average. A high was formed at $ 38,603 before the price started a fresh decline. There was a sharp drop below the USD 36,500 and USD 36,000 levels.
Bitcoin price even traded below the 50% Fib retracement level of the upward move from the $ 29,282 swing low to $ 38,603 high. The price even tested the USD 33,000 support level.
It found support near the 61.8% Fib retracement level from the upward move from the $ 29,282 swing low to the $ 38,603 high. The price is now trading near the $ 34,000 pivot point and the simple 100 (4 hours) moving average.
A major bullish trendline is also forming with support near $ 33,900 on the 4-hour chart of the BTC / USD pair. If there is a clear break below the trendline, the price could continue to fall below USD 33,500. The next big support is $ 33,000. Even more losses can bring the price to the $ 31,000 support zone.
New increase in BTC?
If bitcoin remains above trendline support, there are chances of another rise above USD 34,500. An initial resistance on the upside is near USD 35,000.
A good break and close above the USD 35,000 resistance will most likely set the pace for continued upward movement in the coming sessions. The next big resistance on the upside is near the USD 36,400 level.
4 Hour MACD – The MACD for BTC / USD is slowly gaining traction in the bearish zone.
4 Hour RSI (Relative Strength Index) – The RSI for BTC / USD is just above the 50 level.
Major Support Level – USD 33,500
Major Resistance Level – $ 35,000