Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400.
Bitcoin started a downside correction below the $35,000 and $34,000 levels.
The price is now trading below the $34,000 support and the 100 hourly simple moving average.
There is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline further if it breaks the $33,600 and $33,500 support levels.
Bitcoin Price Remains At Risk
Bitcoin failed to climb above the $36,000 zone and it is started a fresh decline. BTC traded below the $35,000 and $34,500 support levels to move into a bearish zone.
The price even broke the $34,000 level and settled below the 100 hourly simple moving average. A low was formed near $33,103 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $35,950 swing high to $33,100 low.
It seems like there is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC/USD pair. If bitcoin price fails to stay above the triangle support and then $33,500, there is a risk of a downside break.
The next major support is near the $33,00 level. If there is a downside break below the $33,100 and $33,000 support levels, the price could continue to move down.
Source: BTCUSD on TradingView.com
In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $32,200 support. The next major supports sits near the $31,200 level.
Fresh Increase in BTC?
If bitcoin remains stable above the $33,500 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,000 level and the triangle upper trend line.
The next key resistance is near $34,250 and the 100 hourly SMA. The main resistance is now forming near $34,400, above which the price could revisit the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just below the 50 level.
Major Support Levels – $33,500, followed by $33,000.
Major Resistance Levels – $34,000, $34,400 and $35,000.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.
Bookmarking this for future reference, but also because The advice is as invaluable as The attention.
Reading The article was a joy. The enthusiasm for the topic is really motivating.
The writing style had me at hello. Engaged from start to finish, just like a perfect first date.
Always excited to see The posts, like waiting for a message from a crush. Another excellent read!
Every piece you write is like adding another book to my mental library. Thanks for expanding my collection.
The Writing has become like a favorite meeting spot, where great minds and ideas mingle.
Fantastic job breaking down this topic, like a demolition crew for my misconceptions.
Every piece you write is like adding another book to my mental library. Thanks for expanding my collection.
The depth you bring to The topics is like diving into a deep pool, refreshing and invigorating.
The analysis is like a well-crafted movie—engaging, enlightening, and leaving me thinking long after it’s over.
The unique perspective is as intriguing as a mystery novel. Can’t wait to read the next chapter.
The piece was both informative and thought-provoking. Thanks for the great work!
You have a knack for presenting hard to understand topics in an engaging way. Kudos to you!
The insights add so much value to the conversation. I always learn something new from you.
The attention to detail didn’t go unnoticed. I really appreciate the thoroughness of The approach.
Thank you for making hard to understand topics accessible and engaging.
The attention to detail is remarkable, like a detective at a crime scene, but for words.
Brilliant piece of writing. It’s like you’re showing off, but I’m not even mad.
The breadth of The knowledge is amazing. Thanks for sharing The insights with us.
The insights are like a fine wine—rich, fulfilling, and leaving me wanting more.