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.
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.
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.