Bitcoin price failed to clear the $35,000 resistance and started a fresh decline against the US Dollar. BTC remains at a risk of a larger decline as long as it is below $34,000.
Bitcoin failed to extend gains above $34,650 and it started a fresh decline below $34,000.
The price is now trading below the $33,500 support and the 100 hourly simple 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 (data feed from Kraken).
The pair could correct losses, but it might face sellers near $34,000 and the 100 hourly SMA.
Bitcoin Price Dives Again
Yesterday, we saw a decent increase in bitcoin above the $33,500 and $34,000 resistance levels. BTC even climbed above the $34,500 level, but it failed to extend gains.
A high was formed near $34,676 before the price started a fresh decline. It broke the $34,000 support level and settled below the 100 hourly simple moving average. There was also a break below a key bullish trend line with support near $33,900 on the hourly chart of the BTC/USD pair.
The pair spiked below the $33,000 level and traded as low as $32,675. Bitcoin is now correcting losses and trading above $33,000. It is testing the 23.6% Fib retracement level of the recent decline from the $34,676 high to $32,675 low.
The first major resistance is near the $33,500 level and the 100 hourly SMA. The 50% Fib retracement level of the recent decline from the $34,676 high to $32,675 low is also near the $33,600 level.
Source: BTCUSD on TradingView.com
The main resistance is now near the $34,000 level. A close above the $34,000 level is needed to avoid more downsides in the near term.
More Losses in BTC?
If bitcoin fails to recover above the $33,500 and $34,000 resistance levels, there is a risk of a larger decline. An initial support on the downside is near the $32,650 level.
The first major support is near the $32,500 level. The main support is still near the $32,200 level, below which the price might easily dive towards the $30,000 level.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Major Support Levels – $32,500, followed by $32,200.
Major Resistance Levels – $33,500, $33,650 and $34,000.
I’m a highly experienced and successful crypto author with over 10 years of experience in the industry. I have written for some of the biggest names in the space, and my work has been featured in major publications such as Bloomberg, Forbes, and The Wall Street Journal. I am a sought-after speaker and commentator on all things crypto, and my work is widely respected by my peers. If you’re looking for someone who can provide insights and analysis on the latest developments in the world of cryptocurrencies, you can contact me.
14 thoughts on “Bitcoin Tops and Fails Again, What Could Trigger Larger Decline”
Comments are closed.