Bitcoin price failed to stay above the key $ 35,000 support zone against the US Dollar. BTC is declining and could slip sharply if there is a close below $ 34,000.
Bitcoin started a new decline from well above the $ 36,500 level. The price is now trading near $ 34,500 and the 100 hourly simple moving average. There was a break below a key uptrend line with support near $ 35,750 on the hourly chart of the BTC / USD pair (data feed from Kraken). The pair is likely to accelerate to the downside if there is a clear break below the $ 34,000 support zone.
Bitcoin price is struggling
Bitcoin started a steady rise above the $ 35,000 resistance level. BTC even broke the $ 36,000 barrier and the 100 hourly simple moving average.
However, it was unable to stay above the $ 36,500 zone. A high was formed near $ 36,698 and the price recently started a new decline. There was a break below the $ 35,500 and $ 35,000 support levels. The price broke the 23.6% Fib retracement level of the up move from the low of $ 30,187 to the high of $ 36,698.
There was also a break below a key uptrend line with support near $ 35,750 on the hourly chart of the BTC / USD pair. The price of Bitcoin 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 break to the downside below $ 34,000, the bears are likely to gain traction. The next key support is near the $ 33,450 level. It is close to the 50% Fib retracement level of the up move from the low of $ 30,187 to the high of $ 36,698.
Source: BTCUSD on TradingView.com
Possibly any further loss can push the price towards the $ 32,000 support zone. The main support is still near the $ 30,000 zone.
New surge in BTC?
If bitcoin holds steady above the $ 34,000 support zone, it could start a new surge in the near term. An immediate resistance on the upside is near the $ 35,200 level.
The next key resistance is near $ 35,500, above which the bulls are likely to target a retest of $ 36,500. Any further gains could lift the price towards the $ 38,000 resistance. The next big hurdle is near the $ 40,000 zone.
Hourly MACD – The MACD is slowly picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now below the 50 level.
Major Support Levels – $ 34,000, followed by $ 33,400.
Major Resistance Levels – $ 35,200, $ 35,500, and $ 36,500.