Cryptocurrency

Bitcoin (BTC) Price Analysis: Failed Again, What Are The Key Levels?

Bitcoin price failed to clear the $35,000 resistance and started a fresh decline against the US Dollar. BTC is at risk of a larger decline as long as it is below $34,000. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Bitcoin failed to extend its benefits above $34,650 and started a fresh decline below $34,000.
  • Price is currently trading below the $33,500 reinforcement and the 100 hourly easy moving average.
  • There was a break below a valuable bullish trend line with a support near $33,900 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair may correct losses, but it may face sellers close to $34,000 and the 100 hourly SMA.

Bitcoin (BTC) Drops Again

Contact us to be informed about the last minute developments. Twitter and Telegram you can follow our channel.

Yesterday, there was a smooth increase in Bitcoin above the $33,500 and $34,000 resistance levels. BTC even climbed above the $34.500 level, but failed to increase the gains.

Price climbed as high as $34,676 before starting a fresh decline. It broke the $34,000 support level and settled below the 100 hourly easy moving average. There was a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair.

The pair rallied below the $33,000 level and slumped as low as $32.675. Bitcoin is now correcting losses and trading above $33,000. The actual drop from $34,676 to $32,675 is 23%. 6 Fib tests retracement level.

The first major resistance is near the $33,500 level and the 100 hourly SMA. The 50% Fib retracement level of the drop from the $34,676 high to $32.675 low is also near the $33,600 level.

The main resistance is currently near the $34,000 level. BTC needs to close above the $34,000 level to avoid further declines in the near term.

Will Bitcoin (BTC) Drop?

If bitcoin fails to recover above the $33,500 and $34,000 resistance levels, there is a risk of a larger decline. On the downside, the primary support is near the $32.650 level.

The first major pillar is near the $32,500 level. The mainstay is still near the $32,000 level, below which the price could simply drop to the $30,000 level.

Technical Indicators

  • Hourly MACD – The MACD is slowly moving into the bullish zone correctly.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
  • Main Boost Levels – $32,500, then $32,200
  • Main Resistance Levels – $33.500, $33.650 and $34,000

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button