Bitcoin Price Analysis

Bitcoin price analysis; Where is the support and resistance ahead?


Yesterday, Bitcoin sought to maintain its $ 32,000 support. Buyers’ failure to maintain this support caused us to fall below $ 30,000.

to the the report In its collapse yesterday, Bitcoin first fell to $ 30,500 and then fell below $ 30,000 after failing to maintain $ 32,000 support yesterday. We also saw a drop below $ 29,000 and a simple 100-hour moving average.

During the fall, Bitcoin also broke the Fibonacci 50%, which fell from $ 36,171 to $ 28,822. Each bitcoin currently fluctuates in the $ 34,000 range, close to the simple 100-hour moving average.

The first resistance to bitcoin is in the range of $ 34,500. The resistance is near Fibonacci 76.4%, which was formed at the fall of $ 36,171 to $ 28,822. $ 35,000 also acts as a key resistance to the price of bitcoin. On the other hand, in the one-hour timeframe, a bearish trend line is forming near the $ 35,000 resistance.

Bitcoin price chart

For Bitcoin to enter the positive range, it must first cross the barrier of a simple 100-hour moving average and then break the $ 35,000 resistance.

If Bitcoin fails to cross the $ 34,500 resistance or trend line resistance, there is a possibility of a new fall. In the event of a fall, $ 33,000 will be the first support for this digital currency.

$ 32,500 is the main support for Bitcoin. Breaking this support could pave the way for further reductions of up to $ 30,000.

The MACD is entering the positive range. The Relative Strength Index (RSI) has once again reached the level of 50.

As mentioned earlier, $ 33,000 and $ 32,500 act as the main backers of Bitcoin. On the other hand, $ 34,500, $ 35,000 and $ 36,500 are the resistances of this digital currency.

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