The price of Bitcoin reached a high of $ 35,000 yesterday, but failed to continue its uptrend. After reaching $ 35,130, the price of Bitcoin corrected to below $ 34,000.
to the the report According to Newsbite, the price of Bitcoin fell below the simple 100-hour moving average in its recent fall. In this fall, the price floor was recorded at $ 33,594 and we are currently witnessing a stabilization of the price in the range of $ 34,800.
Bitcoin managed to cross 23.6% of Fibonacci in the last hours. The Fibonacci fell from $ 35,130 to $ 33,594. A collapsible triangle appears to be forming near the $ 33,750 support on the hourly chart.
If the price of Bitcoin can not stay above the support of the triangle and then $ 33,600, there is a possibility of a sharp fall in price. The next support for the Bitcoin price is $ 33,250. Further falls below $ 33,250 and $ 33,000 may lead to further price declines. A break of $ 33,000 also leads to a drop to $ 32,200.
On the other hand, if Bitcoin stays above $ 33,600 support, there is a possibility of a new climb in the short term. The first resistance to bitcoin is near $ 34,500. The upper trend line of the triangle is also in this range.
$ 35,000 The next key bitcoin resistance. Crossing this resistance opens the way for more jumps. Closing the high price of the $ 35,000 resistance area could pave the way for the $ 36,500 climb.
The MACD is slowly entering the uptrend. The relative strength index (RSI) is above 50.
As mentioned earlier, $ 33,650 and $ 33,000 are the main supports for Bitcoin. 34,500, 35,000 and 36,500 also act as major bitcoin resistors.