The Bitcoin price did not remain higher than $36,000. BTC corrected gains and could find strong buying interest near the USD 34,200 support zone.
- Bitcoin corrected gains from the $36,000 resistance zone.
- The price is trading near $34,700 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair needs to stay above the $34,000 support for another move higher in the near term.
Bitcoin price holds support
Bitcoin price tried to rise again above the USD 35,000 resistance. BTC reached the $35,500 level but struggled near the $36,000 level. There was no test of the USD 36,200 resistance zone and the price started a downward correction.
There was a move below the USD 35,500 and USD 35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple Moving Average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level from the recent decline from the $35,945 swing high to the $34,350 low.
Bitcoin is also trading near $34,700 and the 100 hourly Simple Moving Average. Moreover, a major bullish trendline is forming with support around $34,300 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $35,750 level. The next major resistance could be near $35,150, or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the USD 35,150 resistance could open the doors for a move towards the USD 36,000 resistance.
Source: BTCUSD on TradingView.com
The next major resistance could be at USD 36,200, above which the price could rise towards USD 37,000. Any further gains could send BTC towards the $37,500 level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 35,150 resistance zone, it could continue to decline. The immediate downside support is near the low of $34,350 and the trendline.
The next major support is near the $35,000 zone. If there is a move below $34,000, there is a risk of more downside. In the mentioned case, the price could drop to the $33,200 level in the short term.
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 below the 50 level.
Major support levels – USD 34,300, followed by USD 34,000.
Major resistance levels – $34,750, $35,150 and $36,000.
