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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

TA: Bitcoin Topside Bias Vulnerable, Why BTC Could Dive Below $35K

Aayush Jindal
Aayush Jindal
4 years ago
2 mins read
Bitcoin

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Bitcoin price is facing a couple of strong hurdles near $36,750 and $37,800 against the US Dollar. BTC could decline heavily if it breaks the $34,800 support zone.

  • Bitcoin is struggling to gain bullish momentum above the $36,750 and $38,000 resistance levels.
  • The price is now trading well below $38,000 and the 100 hourly simple moving average.
  • There is a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate lower if it fails to stay above the $34,800 support zone.

Bitcoin Price Showing a few Bearish Signs

After a failed attempt to settle above $38,000, bitcoin price started another decline. BTC broke the $36,400 and $35,500 support levels to move into a short-term bearish zone.

The price even spiked below $34,500 and settled below the 100 hourly simple moving average. A low was formed near $33,930 before the price started a decent upward move. It climbed above $35,500, but it seems to be facing a strong resistance near $36,750.

A high is formed near $36,888 and the price is currently showing a few bearish signs. It already traded below the 23.6% Fib retracement level of the recent wave from the $33,930 low to $36,888 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC/USD pair. On the downside, an initial support is near the $35,800 level and a connecting bullish trend line. A clear break below $35,800 might call for a test of $35,400.

The 50% Fib retracement level of the recent wave from the $33,930 low to $36,888 high is at $35,400 to provide support. Any more losses could accelerate the decline and bitcoin price might dive below $35,000 and $34,500. In the stated case, there is a risk of a break below the $34,000 support zone.

Chances of an Upside Break in BTC

If bitcoin stays above the $35,800 and $35,400 support levels, there are chances of an upside break. The first major resistance is near the $36,750 level.

The main resistance is now forming near the $37,800 and $38,000 levels. A close above the $38,000 level is must to start a strong increase towards $40,000 or even higher in the near term.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to stay above the 50 level.

Major Support Levels – $35,400, followed by $34,000.

Major Resistance Levels – $36,750, $37,800 and $38,000.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Created by industry experts and meticulously reviewed
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