TA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K

Bitcoin price failed to stay whilom the key $35,000 support zone versus the US Dollar. BTC is unthriving and it could slide heavily if there is a tropical unelevated $34,000.

  • Bitcoin started a fresh ripen from well whilom the $36,500 level.
  • The price is now trading near $34,500 and the 100 hourly simple moving average.
  • There was a unravel unelevated a key bullish trend line with support near $35,750 on the hourly orchestration of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to slide lower if there is a well-spoken unravel unelevated the $34,000 support zone.

Bitcoin Price is Struggling

Bitcoin started a steady increase whilom the $35,000 resistance level. BTC plane tapped the $36,000 windbreak and the 100 hourly simple moving average.

However, it failed to stay whilom the $36,500 zone. A upper was worked near $36,698 and the price recently started a fresh decline. There was a unravel unelevated the $35,500 and $35,000 support levels. The price tapped the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

There was moreover a unravel unelevated a key bullish trend line with support near $35,750 on the hourly orchestration of the BTC/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average.

The first major support is near the $34,000 level. If there is a downside unravel unelevated $34,000, the bears are likely to proceeds strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

Any increasingly losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 zone.

Fresh Increase in BTC?

If bitcoin remains stable whilom the $34,000 support zone, it could start a fresh increase in the near term. An firsthand resistance on the upside is near the $35,200 level.

The next key resistance is near $35,500, whilom which the bulls are likely to aim a retest of $36,500. Any increasingly gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the surly zone.

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

Major Support Levels – $34,000, followed by $33,400.

Major Resistance Levels – $35,200, $35,500 and $36,500.

Author: Shantun Parmar

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