Bitcoin started a strong decline below the $37,500 support against the US Dollar. BTC is also trading below $35,000 and it could continue to move towards $32,000.
- Bitcoin started a strong decline below the $36,500 and $35,500 levels.
- The price is now trading below $35,000 and the 100 hourly simple moving average.
- There is a major bearish trend line forming with resistance near $34,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may decline further below the $33,500 support area in the near term.
The price of bitcoin is $35K. is below
Bitcoin price is struggling to stay above the $36,000 support area and extended downside. BTC is trading to move further into a bearish zone below the key $35,500 and $35,000 support levels.
There was a break below $35,000 and the 100 hourly simple moving average. The price even traded below the $34,000 level and traded a new multi-week low at $33,700. It is now consolidating losses and is showing bearish signs below $34,000.
On the upside, bitcoin price is now facing resistance near the $34,000 level. The next major resistance is near the $34,200 level. There is also a major bearish trend line forming with resistance near $34,200 on the hourly chart of the BTC/USD pair. The trend line from the $36,058 high to $33,700 low is near the 23.6% Fib retracement level of the downside.
Source: BTCUSD on TradingView.com
A major resistance is now forming near the $35,000 level. It is near the 50% Fib retracement level of the downside bias from the $36,058 high to $33,700 low. To start a fresh rise, the price needs to rise above the $35,000 level.
More losses in BTC?
If bitcoin fails to clear the $35,000 resistance area, it could continue to move lower. On the downside, an immediate support is near the $33,700 level.
The next major support is seen near the $33,500 level. There could be another sharp decline below the $33,500 support level. The next major support is likely to be $32,500. Any further losses could send the price towards the $32,000 support area.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $33,500, followed by $32,000.
Key Resistance Levels – $34,000, $34,200 and $35,000.