The price of Bitcoin continued its downward trend by breaking the support of $ 33,500 and now fluctuates above the level of $ 32,200. If Bitcoin can maintain its current level above $ 32,000, it can start a new uptrend.
to the the report Bitcoin failed to maintain support at $ 33,500 and $ 33,000, respectively, and continued its downtrend with a break from the simple 100-hour moving average (SMA100).
The price also fell below $ 32,200 for a while, but the failure did not cause wide fluctuations. The price is currently hovering above the $ 32,200 level. The price candle is approaching the Fibonacci level of 23.6%. It is worth mentioning that this Fibonacci is composed of 35,975 to 32,150 in the fall of the price.
Recently, a triangular pattern has been formed in the 1-hour market view, with resistance near the $ 33,000 level and support at the $ 32,200 level.
The main price support is at the level of $ 32,200 and then it is the turn of the level of $ 32,000. If the price of Bitcoin fails to maintain the support of $ 32,000, it will face a deeper fall. In this case, the next support is at the level of $ 30,500. After that, any further downtrend could push the price closer to the main support at $ 30,000 in the medium term.
If Bitcoin can maintain its current position above the level of $ 32,000, it can start a bullish correction. The nearest resistance to the bitcoin uptrend will be $ 33,000.
The first serious resistance is in the range of $ 33,500, which is near the 50% Fibonacci level, and is one of the uptrend levels after the recent fall from $ 35,975 to $ 32,150. If the price continues to close above the $ 33,500 level, Bitcoin could continue its upward movement to the resistance of $ 34,000. The $ 35,000 level is still the main price resistance in the long run.
The MACD is slowly entering a downtrend. The Relative Strength Index (RSI) is crossing the 50 level.
As mentioned earlier, the $ 32,000 and $ 31,200 levels are the main support for Bitcoin. $ 33,000, $ 33,500 and $ 34,000 also act as major bitcoin resistances.