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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

TA: Bitcoin Struggles Below $36K, Why BTC Could Extend Losses

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price is showing bearish signs below $35,800 and $36,000 against the US Dollar. BTC is likely to continue lower below the $34,000 and $33,000 support levels in the near term.

  • Bitcoin is trading in a bearish zone below the $35,800 and $36,000 resistance levels.
  • The price is gaining bearish momentum below $35,500 and the 100 hourly simple moving average.
  • There is a key rising channel forming with support near $34,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate losses once it breaks the $34,500 and $34,000 support levels.

Bitcoin Price Turns Short-Term Bearish

Yesterday, we discussed the chances of a break towards $33,000 in bitcoin price. BTC did follow a bearish path below the $35,000 support and it broke the $34,000 support level.

It traded as low as $33,396 and settled well below the 100 hourly simple moving average. Recently, there was an upside correction above the $34,000 level. The price climbed above the 23.6% Fib retracement level of the key decline from the $37,837 high to $33,396 low.

Bitcoin price even climbed above the $35,000, but it struggled to clear the $35,800 resistance. It seems like the price failed to clear the 50% Fib retracement level of the key decline from the $37,837 high to $33,396 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

The price is now gaining bearish momentum below $35,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $34,550 on the hourly chart of the BTC/USD pair. If there is a clear break below the channel support, the price might decline sharply below the $34,000 support.

The next key support is near the $33,300 and $33,250 levels, below which the bears are likely to aim a test of the $32,000 level.

Fresh Increase in BTC?

If bitcoin starts a fresh upward move, an initial resistance is near the $35,200 level. The first major resistance is near the $35,800 level and the 100 hourly simple moving average.

To move into a positive zone, the price must clear the $35,800 and $36,000 resistance levels. A successful close above the $36,000 resistance could open the doors for a push towards the $37,500 level.

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 close to the 40 level.

Major Support Levels – $34,000, followed by $33,300.

Major Resistance Levels – $35,800, $36,000 and $37,500.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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