Bitcoin

Bitcoin resumes slide, why BTC could extend its losses in the short term


Bitcoin price failed to stay above the $35,000 support level against the US Dollar. BTC is falling and losses are likely to extend below $33,000 in the short term.

  • Bitcoin started a new decline after it broke the $36,500 and $36,000 support levels.
  • The price is currently well below $36,000 and the 100 hourly simple moving average.
  • There was a break below a major ascending channel with support near $35,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue falling below the $33,000 and $32,000 support levels.

Bitcoin price drops more than 5%

Bitcoin fails to stay above $36,500 support area Its descent extended. BTC broke the $35,500 support level and settled below the 100 hourly simple moving average.

There was a clear breakout below the major ascending channel with support near $35,600 on the hourly chart of the BTC/USD pair. The pair picked up its pace below the $35.00 support and even broke $34,200. There was a rally below $34,000 and the price is now Struggling to recover.

There is an immediate resistance near the $34,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $36,824 high to $33.350.

Source: BTCUSD on TradingView.com

The first major resistance is near the $35,000 level. The 50% Fib retracement level of the recent decline from the $36,824 high to $33.350 is also near $35,100. The main resistance is near the $36000 area and the 100 hourly simple moving average. A clear break above the $36,000 level could potentially reverse the current downtrend.

More losses in bitcoin?

If Bitcoin fails to clear the $35,000 resistance, it may continue to decline. There is initial support on the downside near the $33,200 level.

The first major support is near the $32,500 level. The main support is near the $32,000 level. If the bulls fail to protect the $32,000 support area, there is a risk of a sharp decline. In the mentioned case, the price may struggle to stay above the key $30K support area.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Key support levels – $33,200, followed by $32,000.

Key resistance levels – $34,150, $35,000 and $36,000.



Source link

Related Articles

Leave a Reply

Your email address will not be published.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

Back to top button