Bitcoin price is still above the USD 33,200 support zone. BTC could start a new increase unless there is a close below the 100 hourly SMA and $33,400.
- Bitcoin is still struggling to overcome the $35,000 resistance.
- The price is trading above USD 33,500 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $34,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it crosses the trendline and then $34,555.
Bitcoin price provides important support
Bitcoin price failed to gain strength before closing above the USD 35,000 resistance zone. BTC started a new decline below the USD 34,500 level. There was also a move below the $34,000 zone before the bulls appeared.
A low is formed near $33,717 and the price is still well above the 100 hourly Simple Moving Average. It is slowly moving higher above the USD 34,000 level. There was a break above the 23.6% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low.
Bitcoin is now trading above $33,650 and the 100 hourly Simple Moving Average. On the upside, immediate resistance is around the $34,100 level. A connecting bearish trendline is also forming with resistance near $34,120 on the hourly chart of the BTC/USD pair.
The next major resistance could be near $34,550, or the 61.8% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low. The main resistance is still near the $35,000 zone.
Source: BTCUSD on TradingView.com
A clear move above the USD 35,000 resistance could trigger a fresh increase. The next major resistance could be at USD 36,500. Any further gains could send BTC towards the $38,000 level in the coming days.
Another drop in BTC?
If Bitcoin fails to rise above the USD 34,550 resistance zone, it could trigger another decline. The immediate downside support is near the USD 33,700 level.
The next major support is near the $33,400 level and the 100 hourly Simple Moving Average. If there is a move below the 100 hourly Simple Moving Average, there is a risk of more downside. In the mentioned case, the price could fall towards the USD 31,500 level in the coming sessions.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 33,700, followed by USD 33,400.
Major resistance levels – $34,120, $34,550 and $35,000.
