Bitcoin price recovered above $33,000, but failed to rise above $35,000 against the US Dollar. Bitcoin is pulling back from the 100-hour simple moving average and may extend its losses.
- Bitcoin started a good recovery and rose above the $34,000 level.
- The price is now facing hurdles near $34,000 and the 100 hourly simple moving average.
- There is a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must cross the 100-hourly simple moving average and $34,000 to continue rising in the near term.
Bitcoin price faces hurdles
Bitcoin started file fixed increase Above the $33,000 and $33,000 resistance levels. BTC even rose above the $34,000 resistance area, but failed to gain speed above the 100 hourly simple moving average.
It is now facing hurdles near $34,000 and the 100 hourly simple moving average. A top formed near $34,877 and the price is now correcting gains. It fell below the 23.6% Fib retracement level of the recent recovery from $28,900 to the high of $34,877.
There is immediate support on the downside near the $31,800 level. It is close to the 50% Fib retracement level of the recent recovery from $28,900 to the high of $34,877.
On the upside, there is an initial resistance near the $33,800 level. There is also a crucial bearish trend line forming with resistance near $33,800 on the hourly chart of the BTC/USD pair. The main resistance It is still near the $34,000 area.
Source: BTCUSD on TradingView.com
Bitcoin should clear the 100-hour simple moving average and then settle above $34,000 to move into positive territory. The next major resistance for the bulls could be $35,000.
More losses in bitcoin?
If Bitcoin fails to break above $34,000 or trendline resistance, it may continue to move lower. There is immediate support on the downside near the $31,800 level.
The next major support is near the $31,200 level. A break-down below $31,200 may open the doors to a new decline towards the $30K region in the upcoming sessions.
Hourly MACD The MACD is now moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back below the 50 level.
Key support levels – $31,800, followed by $31,200.
The main resistance levels are $33,800, $34,000 and $35,000.