• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Correcting Gains, What Could Trigger Fresh Rally

Aayush Jindal by Aayush Jindal
1 year ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term.

  • Bitcoin started a downside correction from the $36,000 zone.
  • The price is now approaching the $34,000 support and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA.

Bitcoin Price is Approaching Support

Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average.

However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair. The pair is now approaching the $34,000 support and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down.

Bitcoin Price

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Source: BTCUSD on TradingView.com

In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone.

Fresh Increase in BTC?

If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,000 level and the trend line.

The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

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

Major Support Levels – $34,350, followed by $34,000.

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

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

TA: Bitcoin Price Seems Primed For A Strong Wave Above $21K

4 hours ago
Bitcoin

TA: Bitcoin Faces Another Rejection, Can Bulls Save The Day

1 day ago
Bitcoin

TA: Bitcoin Jumps 5%, Why BTC Could Offer Trade Openings On Dips

2 days ago
Bitcoin

TA: Bitcoin Remains In Downtrend, What Could Spark Sharp Upside

3 days ago
Bitcoin

TA: Bitcoin Recovers Sharply, Why BTC Could Still Struggle Above $20,500

6 days ago
Bitcoin

TA: Bitcoin is Plunging, But It’s Too Early to Say Bulls Have Given Up

1 week ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

LBank Exchange Will List IX Token (IXT) on July 7, 2022

July 6, 2022

Has Bitcoin (BTC) Finally Died? Are Financial Management Crypto Like Gnox (GNOX) The Future Of The Industry?

July 6, 2022

LBank Weekly Listing Report, 4th July 2022

July 6, 2022

Zenith’s token ZNT lists on Huobi Global, strengthening its presence among lending protocols

July 5, 2022

Chimeras Launches Open Alpha Version of Metaverse Game

July 5, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.