Bitcoin price is trading in a bearish zone below $33,000 against the US Dollar. BTC could continue its decline and even drop below $30,000. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Bitcoin remains in the bearish zone, but it also holds the $31,000 reinforcement zone.
- Price is currently trading well below $32,500 and the 100 hourly easy moving average.
- The pair must climb above $32,000 and the 100 hourly SMA to start a good recovery in the short term.
There is a key bearish trend line forming with resistance near $31,850 on the hourly chart of the BTC/USD pair
Bitcoin (BTC) Price Turns Red
Bitcoin price has followed a bearish trend below the $33,000 pivot level over the past few days. BTC even settled below the $32,000 reinforcement zone and the 100 hourly easy moving average.
Price is currently holding the $31,000 reinforcement zone and is consolidating in a range. A recent low was formed around $31,154 and the price is now correcting losses. There was also a break above the $31,500 resistance zone.
The price is 23% of the last real drop from $32,450 to $31,154. It managed to break above the 6 Fib retracement level. On the upside, an immediate resistance is near the $31,800 level and the 100 hourly SMA.
The 50% Fib retracement level of the drop from the $32.450 high to $31.154 low is also near the $31,800 level.
A close above the trendline resistance could start a smooth recovery above $32,000. A close above the $32,000 level could accurately push the price towards $33,000.
Bitcoin (BTC) Drops More?
If bitcoin fails to break above the $31,800 and $32,000 resistance levels, there is a risk of more losses. The primary support on the downside is near the $31,200 level.
The first major reinforcement is currently near the $31,000 region. A close below the $31,000 level could lead to a steady decline in the near term. In that case, the price is likely to trade below the $30,000 reinforcement level.
- Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently quickly below the 50 level.
- Main Basis Levels – 31.200 then $31,000 USD
- Main Resistance Levels – $31,800, $32,000, and $33,000