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TA: Why Bitcoin Price Remains At Risk for a Fresh Drop to $30K

Bitcoin price recovered above $34,000, but it struggled near $35,000 against the US Dollar. BTC is currently declining and it remains at a risk of more losses below $32K.

  • Bitcoin struggled to gain momentum above $34,500 and remained below $35,000.
  • The price is currently well below $33,000 and it is testing the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $32,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower towards $31,500 and $30,800 in the near term.

Bitcoin Price Fails Near $35K

Yesterday, there was a decent recovery in bitcoin price above the $33,800 and $34,000 resistance levels. BTC even broke the $34,500 level and settled above the 100 hourly simple moving average.

However, the bulls struggled to gain strength above $34,500 and the price remained below $35,000. A high was formed near $34,872 before the price started a fresh decline. There was a break below the $34,000 and $33,800 support levels.

Bitcoin price declined below the 50% Fib retracement level of the upward move from the $30,943 swing low to $34,872 high. It is now trading well below $33,000 and it is testing the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bullish trend line forming with support near $32,400 on the hourly chart of the BTC/USD pair. The trend linen is close to the 76.4% Fib retracement level of the upward move from the $30,943 swing low to $34,872 high.

A downside break and close below $32,000 could start another decline. In the stated case, the price is likely to continue lower towards the $30,800 support or even $30,000.

Fresh Upsides in BTC?

If bitcoin stays above the $32,400 and $32,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $33,000 level.

The first major resistance is near the $33,800 level. The main resistance is still near the $34,500 and $35,000 levels, above which the price is likely to accelerate higher in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.

Major Support Levels – $32,400, followed by $30,800.

Major Resistance Levels – $33,000, $33,800 and $34,500.

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Disclaimer: The opinions expressed within this article are the personal opinions of the author. The facts and opinions appearing in the article do not reflect the views of CoinChapter and CoinChapter does not assume any responsibility or liability for the same.

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