Bitcoin Price Analysis

Bitcoin price analysis; Why is it still likely to fall to $ 32,000?


The price of Bitcoin failed to cross the $ 36,000 barrier and began to fall again. After this fall, we saw a decrease to 35,000 and 34,000.

to the the report According to Newsbite, the price of Bitcoin also fell below $ 34,000 and the 100-hour moving average (SMA100). The bottom of the recent fall was at $ 33,103 and is currently recovering slightly from $ 34,700. Bitcoin managed to cross 23.6% of Fibonacci a few hours ago. The Fibonacci fell from $ 35,950 to $ 33,100.

Evidence suggests that on a one-hour chart, near $ 33,600, we see the formation of a collapsible triangle. If the price of Bitcoin can not stay above this pattern and $ 33,500, it is likely to fall further.

$ 33,000 serves as the next major support on the chart. If $ 33,100 and $ 33,000 break, you can expect the price to fall further.

The price is likely to fall to $ 32,500. A further fall could lead to a drop to $ 32,200, which is a support area. The $ 31,200 range also serves as one of the main sponsors.

Bitcoin price analysis
Bitcoin price analysis

If the price of Bitcoin stays above the $ 33,500 support area, it can be said that there is a possibility of rising again in the short term. In this case, the first resistance against Bitcoin will be $ 34,000 and the top trend line of the triangle.

$ 34,250 is the next resistance. After this area is the simple moving average of 100 days. $ 34,400 is the most important resistance that Bitcoin has to overcome in the short term. 36,000 is the next barrier to the price of bitcoin. If you cross these resistances, you can say that the price goes up to $ 37,000.

The MACD is slowly entering the downtrend in the one-hour timeframe. The Relative Strength Index (RSI) is currently below the 50 level.

As mentioned earlier, $ 33,500 and $ 33,000 act as the main bitcoin price supports. $ 34,000, $ 34,400 and $ 35,000 are the main strengths of this digital currency.

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