Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.
- Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
- The price is trading near $34,850 and the 100 hourly Simple moving average.
- There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.
Bitcoin Price Stuck In Range
Bitcoin price remained in a range above the $34,000 support zone. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.
The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.
Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.
On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.
Source: BTCUSD on TradingView.com
The next key resistance could be $35,350, above which the price could rise toward $36,000. Any more gains might send BTC toward the $36,200 level.
More Losses In BTC?
If Bitcoin fails to rise above the $35,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,600 low.
The next major support is near the $34,250 zone and the triangle lower trend line. If there is a move below $34,250, there is a risk of more downsides. In the stated case, the price could even drop below the $34,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now 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 – $34,600, followed by $34,250.
Major Resistance Levels – $35,000, $35,250, and $35,350.
