TA: Bitcoin Struggles Below $35K, Why BTC Could Revisit $30K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price failed to clear the key $36,000 resistance zone against the US Dollar. BTC is showing a few bearish signs and it could continue lower towards $30,000.

Bitcoin failed to gain momentum above the 36,000 and $36,200 resistance levels.
The price is now struggling below $35,000 and the 100 hourly simple moving average.
There is a major bearish trend line forming with resistance near $34,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down towards $30,000 as long as it is below $35,000.

Bitcoin Price is Showing Bearish Signs

After trading as low as $30,312, bitcoin price started a fresh increase. BTC surpassed the $32,000 and $34,000 resistance levels to move into a positive zone.

The price even spiked above the $36,000 resistance. However, there was no close above $36,200 and $36,500 (a major hurdle as discussed yesterday). As a result, there was a rejection near $36,500 and the price declined below the $35,000 level.

There was a break below the $34,000 level and the 100 hourly simple moving average. The price even broke the 50% Fib retracement level of the upward move from the $30,312 low to $36,617 high.

Source: BTCUSD on TradingView.com

There is also a major bearish trend line forming with resistance near $34,600 on the hourly chart of the BTC/USD pair. An initial support on the downside is near the $32,700 level. It is close to the 61.8% Fib retracement level of the upward move from the $30,312 low to $36,617 high.

The next major support is near the $31,700 level, below which bitcoin price might continue to move down towards the $30,500 and $30,000 levels. Any more losses could lead the price towards the $28,000 support zone.

Fresh Increase in BTC?

To move into a positive zone, bitcoin price needs to clear many hurdles, starting with $34,600. The first major resistance for the bulls is near the $35,000 level.

The main resistance is still near the $36,000, $36,200 and $36,500 levels. A close above $36,500 is likely to start a fresh rally towards $39,200 and $40,000 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 recovering, but it is still below the 50 level.

Major Support Levels – $32,700, followed by $31,700.

Major Resistance Levels – $35,000, $36,000 and $36,500.

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.

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.

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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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