Bitcoin Price Analysis

Bitcoin price analysis; All eyes on $ 30,000 level


Bitcoin continues to fluctuate below $ 35,000 and continued to decline yesterday. Bitcoin, on the other hand, broke the previous support of $ 33,500 and fell below the simple 100-hour moving average.

to the the report NewsBatis: The fall in the price of bitcoin in a range led to a reduction below the support level of $ 32,000. In this fall, we saw the formation of foam at $ 31,065; This is where the Bitcoin price began to recover. In this revival, we first saw the crossing of $ 32,000 and then $ 32,500. Shortly afterwards, the price of Bitcoin crossed the Fibonacci level by 23.6%. The Fibonacci was down from $ 36,810 to $ 31,065.

Bitcoin price chart

However, the price of Bitcoin faced heavy resistance in the range of $ 34,000. Fibonacci 50%, which fell from $ 36,810 to $ 31,065, appears to be a barrier to buyers.

In addition, an uptrend has formed near the $ 32,300 support on the one-hour chart. The first resistance to bitcoin is $ 33,500. The main resistance is in the range of $ 34,000. The next goal is a simple 100-hour moving average.

If the price of Bitcoin fails to cross the $ 34,000 resistance, it is likely to fall further. In the downtrend, the first support for Bitcoin is at $ 32,500.

$ 32,300 and the channel trend line is also a significant support for Bitcoin. If the support channel is broken, it could fall to $ 31,000. The main support is around $ 30,000. If buyers fail to maintain the $ 30,000 support, there is a risk of a sharp fall.

The McDee indicator is slowly entering the downtrend in the slow hourly time frame. The Relative Strength Index (RSI) is currently below the 50 level.

As mentioned earlier, $ 32,000 and $ 31,000 are the most important bitcoin backups, respectively. $ 33,500, $ 34,000 and $ 35,000 are also resistance to the price of Bitcoin.

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