• 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 Signaling Further Correction, Why BTC Could Revisit $33K

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

Bitcoin price failed to clear the $37,500 and $37,800 resistance levels against the US Dollar. BTC is currently moving lower and it could continue to move down towards $34,000 or $33,000.

  • Bitcoin is facing a strong resistance near the $37,800 and $38,000 resistance levels.
  • The price is now trading below the $36,500 support and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing bearish signs and it could decline further towards $34,000 or $33,000.

Bitcoin Price is Grinding Lower

After another failed attempt above the $37,000 resistance, bitcoin price started a fresh decline. A swing high was formed near $37,861 before the price corrected lower.

It broke the $37,000 and $36,800 support levels. More importantly, there was a break below a major contracting triangle with support near $36,500 on the hourly chart of the BTC/USD pair. The price is now trading below the $36,500 support and the 100 hourly simple moving average.

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

An initial support on the downside is near the $35,850 level. It is close to the 50% Fib retracement level of the upward move from the $33,878 swing low to $37,861 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

If bitcoin price fails to stay above the $38,850 support, it could continue to move down towards $35,000. The next major support is near the $34,800 level, below which the price is likely to decline towards the $33,200 support zone in the coming sessions.

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

Fresh Increase in BTC?

If bitcoin starts a fresh upward move, an initial resistance is near the $36,350 level and the 100 hourly simple moving average. The first major resistance is near the $36,800 level (the recent breakdown zone).

The main resistance on the upside is still above the $37,000 zone at $37,500 and $37,800. A successful close above the $37,000 resistance and then a follow up move above the $37,500 could open the doors for a larger increase I 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 now well below the 50 level.

Major Support Levels – $35,800, followed by $34,800.

Major Resistance Levels – $36,800, $37,000 and $37,500.

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 Resumes Decline, Why BTC Remains At Risk

12 hours ago
Bitcoin

TA: Bitcoin Price Remains In Range, Why The Bulls Need To Take Control

2 days ago
Extreme fear

Market Sentiment Dangerously Negative As Crypto Fear Index Drops To Two-Year Low

2 days ago
Bitcoin

TA: Bitcoin Price Moves Higher In Range, $30.6K Still Presents Resistance

3 days ago
Bitcoin

TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited

3 days ago
bitcoin

Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery?

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

LBank Exchange Will List Value Interlocking Exchange Coin (VIC) on May 30, 2022

May 27, 2022

LBank Exchange Will List TEAK COIN (TEAK) on May 30, 2022

May 27, 2022

Solana (SOL) and Cardano (ADA) begin to recover as crypto market braces for emergence of Sanzooz Finance (SZFT)

May 27, 2022

Watchlist Essentials: Discounted Blue-Chips Ripple (XRP) and Avalanche (AVAX); Presale For Quitriam Finance (QTM)

May 27, 2022

3 Coins to Potentially Elevate Your Finances: Logarithmic Finance (LOG), KuCoin Token (KCS), and Litecoin (LTC)

May 27, 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.