It traded as low as $33,396 and settled well below the 100 hourly simple moving average. Recently, there was an upside correction above the $34,000 level. The price climbed above the 23.6% Fib retracement level of the key decline from the $37,837 high to $33,396 low.
Bitcoin price even climbed above the $35,000, but it struggled to clear the $35,800 resistance. It seems like the price failed to clear the 50% Fib retracement level of the key decline from the $37,837 high to $33,396 low.
The price is now gaining bearish momentum below $35,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $34,550 on the hourly chart of the BTC/USD pair. If there is a clear break below the channel support, the price might decline sharply below the $34,000 support.
The next key support is near the $33,300 and $33,250 levels, below which the bears are likely to aim a test of the $32,000 level.
Fresh Increase in BTC?
If bitcoin starts a fresh upward move, an initial resistance is near the $35,200 level. The first major resistance is near the $35,800 level and the 100 hourly simple moving average.
To move into a positive zone, the price must clear the $35,800 and $36,000 resistance levels. A successful close above the $36,000 resistance could open the doors for a push towards the $37,500 level.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 40 level.
Major Support Levels – $34,000, followed by $33,300.
Major Resistance Levels – $35,800, $36,000 and $37,500.