Crypto News

TA: Why Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $35K

Bitcoin price made another attempt to clear $35,000, but it failed against the US Dollar. BTC is currently consolidating above the $33,000 support zone, with a few positive signs.

  • Bitcoin is still facing a strong resistance near the $34,850 and $35,000 levels.
  • The price is currently holding the key $33,000 support level and testing the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make another attempt to surpass $35,000 if it clears the $34,500 resistance level.

Bitcoin Price Is Stuck Below $35,000

After a strong surge, bitcoin price trimmed most its gains and settled below $35,000. BTC even spiked below the $34,000 support level and the 100 hourly simple moving average.

A low is formed near $32,178 and the price is currently correcting higher. There was a break above the 23.6% downward move from the $38,590 swing high to $32,178 low. Bitcoin is now holding the key $33,000 support level and testing the 100 hourly simple moving average.

It seems like there is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair. The next major resistance above the triangle is near the $34,850 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear break above the triangle resistance and $34,850, the price could clear the $35,000 barrier. The next key resistance is near the $35,380 level. It is close to the 50% downward move from the $38,590 swing high to $32,178 low.

A successful break above the $35,000 resistance level with a follow up move above $35,380 could open the doors for a larger increase in the coming sessions. The next major resistance for bitcoin sits at $36,150.

Fresh Downside Break in BTC?

If bitcoin fails to clear the $34,500 resistance zone, there is a risk of a fresh bearish wave. An initial support is near the $33,000 level and the triangle lower trend line.

A downside break below the triangle support trend line could push the price towards the $32,150 and $32,000 support levels. Any more losses could lead the price towards the $31,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

Major Support Levels – $33,000, followed by $32,150.

Major Resistance Levels – $34,500, $35,000 and $35,380.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

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.

(This story has not been edited by CoinChapter staff and is auto-generated from a syndicated feed.)
0 Comments
Inline Feedbacks
View all comments
CoinChapter

Founded in 2015, Coinchapter.com has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts, Coinchapter.com was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

Related Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...

Featured Crypto News

Craig Wright Suing Bitcoin Developers Over $5 Billion In Stolen BTC
Craig Wright is targeting Bitcoin developers in his latest lawsuit within the industry. Wright is suing the developers requesting...
Swiss Private Bank Bordier & Cie SCmA To Offer Crypto Services To Its Customers
Leading Swiss bank Bordier & Cie SCmA will soon be entering the crypto market space. The private bank announced...
Grayscale Loses $4.1 Billion In Crypto Following Bitcoin Price Drop
Grayscale losses big as Bitcoin price dropped down to the $44,900 range. Grayscale total amount of crypto assets under...
Binance’s BNB Coughs Out Massive Intraday Gains as Bitcoin Recovers
BNB pared a huge portion of the losses it faced earlier this week amid a broader recovery across the...
Brave To Add DEX Aggregator, NTF Wallet In Next Browser
Privacy-focused web browser Brave plans to launch a new NFT wallet that will integrate DEX aggregator with non-fungible token...
MicroStrategy Purchases Additional 19,452 Bitcoin Valued At Over $1 Billion
Business intelligence firm MicroStrategy announced that it has increased its Bitcoin holdings by 27% after purchasing an additional 19,452...