• 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
  • Spin & 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
  • Spin & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Reaches Key Juncture, Why BTC Could Struggle To Recover

Aayush Jindal by Aayush Jindal
11 months ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price extended its decline below the $33,500 support against the US Dollar. BTC is now consolidating above $32,200, below which it could accelerate lower.

  • Bitcoin started a fresh decline below the $33,500 and $33,200 support levels.
  • The price is now trading below the $33,000 support and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct higher, but the bulls are likely to face resistance near $33,500.

Bitcoin Price Testing Key Support

Bitcoin failed to stay above the $33,500 support and it extended its decline. BTC even broke the $33,000 support zone and it settled well below the 100 hourly simple moving average.

The price even spiked below $32,200, but there was no follow through move. It is now consolidating losses above the $32,200 support zone. It is now approaching the 23.6% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low.

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

There is also a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC/USD pair. The triangle support is near the $32,200 zone.

Bitcoin Price

Source: BTCUSD on TradingView.com

Therefore, the first major support is near the $32,200 zone. The next key support is near the $32,000 level. If bitcoin price fails to stay above the $32,000 support, there could be a sharp decline. The next major support is near the $30,500 level. Any more losses might push the price below the main $30,000 support zone in the near term.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Upsides Limited in BTC?

If bitcoin remains stable above the $32,000 support zone, it could start an upside correction. An immediate resistance on the upside is near the $33,000 level.

The first major resistance is near $33,500. It is near the 50% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low. If there is a close above the $33,500 resistance zone, the price could rise towards the $34,000 resistance. The main hurdle is still near the $35,000 zone.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

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

Major Support Levels – $32,000, followed by $31,200.

Major Resistance Levels – $33,000, $33,500 and $34,000.

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 Reclaims $30K, Why Bulls Face Uphill Task

24 hours ago
Bitcoin

TA: Bitcoin Trims Gains, Why BTC Could Start Fresh Decline

2 days ago
Bitcoin

TA: Bitcoin Eyes Fresh Increase But This Level Is The Key

3 days ago
Bitcoin

TA: Bitcoin Holds Key Support, Why BTC Must Clear This Resistance

4 days ago
bitcoin

This Expanding Triangle Pattern Could Be The Last Hope For Bitcoin Bulls

4 days ago
bitcoin

Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market

4 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Wildcoins Casino

Wildcoins Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

NFCore (NFCR) Is Now Available for Trading on LBank Exchange

May 20, 2022

How to Gain Great Sums with Quitriam Finance (QTM), Cosmos (ATOM), Flow (FLOW)?

May 20, 2022

3 Cryptocurrencies that could give you Greater Gains: Mushe Token (XMU), Cardano (ADA), and Polkadot (DOT)

May 20, 2022

Award-winning Crypto Game, Stonk League Introduces GameFi Player Rankings

May 20, 2022

You Play You Earn: How Gaming Finance (GameFi) Can Disrupt the Cryptocurrency Market?

May 20, 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
  • Spin & 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.