Credit: Original article published by newsbtc.

Bitcoin price rallied towards the $38,000 resistance, but it failed to hold gains against the US Dollar. BTC started a fresh decline and it is now struggling to stay above $33,500.

  • Bitcoin is showing a few bearish signs below the $35,000 and $35,500 resistance levels.
  • The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair either decline heavily towards $31,000 or it might clear $35,000 for a fresh increase.

Bitcoin Price Remains At Risk

This past week, bitcoin price saw a sharp upward move above the $35,000 resistance against the US Dollar. The BTC/USD pair surged over 15% and it even climbed above the $36,500 level.

The price spiked above the $38,000 resistance and settled above the 100 simple moving average (4-hours). A high was formed near $38,603 before the price started a fresh decline. There was a sharp decline below the $36,500 and $36,000 levels.

Bitcoin price even traded below the 50% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price even tested the $33,000 support level.

It found support near the 61.8% Fib retracement level of the upward move from the $29,282 swing low to $38,603 high. The price is now trading near the $34,000 pivot level and the 100 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $33,900 on the 4-hours chart of the BTC/USD pair. If there is a clear break below the trend line, the price could continue to move down below $33,500. The next major support is at $33,000. Any more losses could lead the price towards the $31,000 support zone.

Fresh Increase in BTC?

If bitcoin stays above the trend line support, there are chances of a fresh increase above $34,500. An initial resistance on the upside is near the $35,000 level.

A proper break and close above the $35,000 resistance will most likely set the pace for a sustained upward move in the coming sessions. The next major resistance on the upside is near the $36,400 level.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.

Major Support Level – $33,500

Major Resistance Level – $35,000

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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