Bitcoin price remained in a range below the $ 33,500 and $ 33,800 resistance levels against the US Dollar. Unless BTC clears the $ 33,800 resistance, it will likely continue lower.

 

 

Bitcoin retested the $ 31,000 zone and managed to stay in a range.

The price is currently facing resistance near $ 32,800 and the 100 hourly simple moving average.

On the hourly chart of the BTC / USD pair there is a short-term rising channel or a bearish flag formed with support near $ 31,900.

The pair could trade in a range with strong resistance near $ 33,500 and $ 33,800.

 

Bitcoin price faces strong resistance

After the failure of an attempt to clear the $ 35,000 resistance, the Bitcoin price reduced gains and traded below $ 33,800. BTC even broke the $ 32,500 level and fell below the 100 hourly simple moving average.

Bitcoin price is currently at $ 32,800 and is facing resistance near the 100 hourly simple moving average.

Initially, there appears to be a short-term bullish channel or a bearish flag formed with support near $ 31,900 on the hourly chart of the BTC / USD pair. To continue higher, the bulls must gain strength above $ 32,500, $ 32,800 and the 100 hourly SMA.

The next strong resistance is near the $ 33,500 and $ 33,800 levels. A close above $ 33,800 could increase the chances of a stable rise in the coming sessions.

If Bitcoin fails to clear the $ 32,800 resistance or $ 33,500, it could initiate a new decline. Initial support is near the $ 31,900 channel support.

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A clear break below the channel support could open the doors for a larger drop towards the $ 30,800 support. Further losses could entail a downside break, possibly below the $ 30,000 support zone.

 

Technical indicators

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently near the 50 level.

Support Levels – $ 31,800 followed by $ 30,800.

Resistance Levels – $ 32,800, $ 33,500 and $ 33,800.

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