Bitcoin price failed to break the $35,000 resistance against the US Dollar once again. BTC started a fresh decline below $34,000 and is at risk of more declines. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Bitcoin started a fresh decline after failing to rise above the $35,000 resistance zone.
- Price is currently trading below the $33,500 reinforcement and the 100 hourly easy moving average.
- The pair could correct higher but the bulls are expected to compete with resistance around $34,000.
There was a break below a major bullish trend line with support near $33,850 on the hourly chart of the BTC/USD pair
Bitcoin (BTC) Breaks Main Pillar
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Bitcoin gained momentum after breaking the $34,000 resistance zone. BTC even surpassed the $35,000 resistance, but the top could not continue.
The price formed a high near $35,000 and started a fresh decline. There was a break below the $34,000 support level. Also, there was a break below a major bullish trend line with support near $33,850 on the hourly chart of the BTC/USD pair.
The pair is currently trading below the $33,500 support and the 100 hourly easy moving average. BTC fell as low as $33.134 and is now consolidating losses.
On the upside, primary resistance is near the $33,550 level. 23% of the correct drop from $35,000 to $33,134. Close to 6 Fib retracement level. On the downside, the first reinforcement is near the recent low at $33,134.
The first major foothold is near the $33,000 region. If bitcoin price fails to stay above the $33,000 reinforcement, there could be a drastic drop. The next major reinforcement is near the $32,200 level. If there is a downside break below the $32.200 and $32,000 support levels, the price could continue to decline.
Will Bitcoin (BTC) Rise?
If bitcoin stays stable above the $33,000 support zone, a fresh increase could begin in the near term. On the upside, an immediate resistance is near the $33,550 level.
The first major resistance is around $34,000. This is close to the 50% Fib retracement level of the actual drop from the $35,000 high to $33.134 high. If there is a close above the $34,000 resistance zone, the price could rise to the real high of $35,000.
- Hourly MACD – The MACD is now gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently in the very sell zone.
- Main Basis Levels – 33,000 then $32,200
- Main Resistance Levels – $33,550, $34,000 and $35,000