Bitcoin price made another attempt to release $ 35,000, but it failed against the US dollar. BTC is currently consolidating above the USD 33,000 support zone, with a few positive signs.
- Bitcoin is still facing a strong resistance near the USD 34,850 and USD 35,000 levels.
- The price is currently at the key USD 33,000 support level and is testing the 100 hourly easy moving average.
- A major contracting triangle is forming with resistance near USD 34,500 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could make another attempt to surpass USD 35,000 if it clears the USD 34,500 resistance level.
Bitcoin price is stuck below USD 35,000
A low is forming near USD 32,178 and the price is currently correcting higher. There was a break above the 23.6% downward move from the $ 38,590 swing high to the $ 32,178 low. Bitcoin now has the key USD 33,000 support level and is testing the 100 easy hourly moving average.
It looks like a major contracting triangle is forming with resistance near USD 34,500 on the hourly chart of the BTC / USD pair. The next big resistance above the triangle is near the USD 34,850 level.
Source: BTCUSD on TradingView.com
If there is a clear break above the triangle resistance and USD 34,850, the price could cross the USD 35,000 barrier. The next key resistance is near the USD 35,380 level. It is close to the 50% downward move from the $ 38,590 swing high to the $ 32,178 low.
A successful break above the USD 35,000 resistance level with a follow-up move above USD 35,380 could open the doors for greater gains in the coming sessions. The next big resistance for bitcoin is at USD 36,150.
New downside break in BTC?
If bitcoin fails to clear the USD 34,500 resistance zone, there is a risk of another bearish wave. An initial support is near the USD 33,000 level and the bottom trend line of the triangle.
A downside break below the triangle support trendline could push the price towards the USD 32,150 and USD 32,000 support levels. Even more losses could push the price into the USD 31,000 support zone.
Hourly MACD – The MACD is slowly losing pace 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 33,000, followed by USD 32,150.
Key Resistance Levels – USD 34,500, USD 35,000 and USD 35,380.