Bitcoin once again failed to break the $ 35,000 resistance and started a new downtrend below $ 34,000. However, the market-leading digital currency continues to face the risk of further collapse.
to the the report Bitcoin bitcoin has started a new downtrend after failing to stabilize above the $ 35,000 resistance area. Bitcoin is now trading below the $ 33,500 support level, which is below the simple 100-hour moving average.
Cracken data show that in the Bitcoin / Dollar pair’s hourly chart, there has been a decline below the main uptrend line with support at around $ 33,850. The pair may improve at a higher level, but buyers are likely to face resistance at around $ 34,000.
The price of Bitcoin accelerated after breaking the $ 34,000 resistance area and even went above the $ 35,000 resistance, but this uptrend did not last.
The price peaked at around $ 35,000 and then began a new downtrend. It then broke the $ 34,000 support level. Then on the Bitcoin / Dollar Hour chart, the price fell below the uptrend line with support at close to $ 33,850.
Bitcoin is now trading below $ 33,500 support and a simple 100-hour moving average. A floor formed near $ 33,134 and the price is stabilizing.
An initial resistance is near $ 33,550. The resistance is close to the 23.6% Fibonacci retracement level, which has fallen from 35,000 to 33,134 since the recent fall. On the other hand, an initial support formed near the recent floor at $ 33,134.
The first major support is near the $ 33,000 area. If the price of Bitcoin can not stay above the support of $ 33,000, a sharp drop may be expected. The next major support is close to the $ 32,200 level.
If the price falls below the support levels of $ 32,200 and $ 32,000, the price of Bitcoin will continue to decline.
If Bitcoin stabilizes above the $ 33,000 support area, it may start a new uptrend in the short term. The first resistance on the uptrend is close to the level of $ 33,550.
The first major resistance is near $ 34,000. The resistance is near the 50% Fibonacci level, which has formed since the recent fall in the price of Bitcoin from $ 35,000 to 33,134.
If the price of Bitcoin closes above the resistance level of $ 34,000, the price may rise to the $ 35,000 barrier.
MACD (MACD) – The MACD is now accelerating in the downtrend.
Hourly Ratio Index (RSI) – The Bitcoin / Dollar Relative Strength Index is now in the saturation zone.
Main Support Levels: $ 33,000 and then $ 32,200.
Main resistance levels: $ 33,550, $ 34,000 and $ 35,000.