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Breaking News: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

TA: Why Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $35K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price made another attempt to clear $35,000, but it failed against the US Dollar. BTC is currently consolidating above the $33,000 support zone, with a few positive signs.

  • Bitcoin is still facing a strong resistance near the $34,850 and $35,000 levels.
  • The price is currently holding the key $33,000 support level and testing the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make another attempt to surpass $35,000 if it clears the $34,500 resistance level.

Bitcoin Price Is Stuck Below $35,000

After a strong surge, bitcoin price trimmed most its gains and settled below $35,000. BTC even spiked below the $34,000 support level and the 100 hourly simple moving average.

A low is formed near $32,178 and the price is currently correcting higher. There was a break above the 23.6% downward move from the $38,590 swing high to $32,178 low. Bitcoin is now holding the key $33,000 support level and testing the 100 hourly simple moving average.

It seems like there is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair. The next major resistance above the triangle is near the $34,850 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

If there is a clear break above the triangle resistance and $34,850, the price could clear the $35,000 barrier. The next key resistance is near the $35,380 level. It is close to the 50% downward move from the $38,590 swing high to $32,178 low.

A successful break above the $35,000 resistance level with a follow up move above $35,380 could open the doors for a larger increase in the coming sessions. The next major resistance for bitcoin sits at $36,150.

Fresh Downside Break in BTC?

If bitcoin fails to clear the $34,500 resistance zone, there is a risk of a fresh bearish wave. An initial support is near the $33,000 level and the triangle lower trend line.

A downside break below the triangle support trend line could push the price towards the $32,150 and $32,000 support levels. Any more losses could lead the price towards the $31,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

Major Support Levels – $33,000, followed by $32,150.

Major Resistance Levels – $34,500, $35,000 and $35,380.

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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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