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Bitcoin

TA: Why Bitcoin Price Could Turn Bearish Again If It Breaks $34K

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read

Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. BTC is declining and it could slide heavily if there is a close below $34,000.

  • Bitcoin started a fresh decline from well above the $36,500 level.
  • The price is now trading near $34,500 and the 100 hourly simple moving average.
  • There was a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate lower if there is a clear break below the $34,000 support zone.

Bitcoin Price is Struggling

Bitcoin started a steady increase above the $35,000 resistance level. BTC even broke the $36,000 barrier and the 100 hourly simple moving average.

However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline. There was a break below the $35,500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

There was also a break below a key bullish trend line with support near $35,750 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading near $34,500 and the 100 hourly simple moving average.

The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. It is near the 50% Fib retracement level of the upward move from the $30,187 swing low to $36,698 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

Any more losses may possibly push the price towards the $32,000 support zone. The main support is still near the $30,000 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 $35,200 level.

The next key resistance is near $35,500, above which the bulls are likely to aim a retest of $36,500. Any more gains could lift the price towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.

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 – $34,000, followed by $33,400.

Major Resistance Levels – $35,200, $35,500 and $36,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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