Bitcoin price shows signs of decline below $ 35,800 and $ 36,000 against the US Dollar. BTC is likely to continue below the $ 34,000 and $ 33,000 support levels in the near term.

 

 

Bitcoin is trading in a bearish zone below the $ 35,800 and $ 36,000 resistance levels.

The price gains bearish momentum below $ 35,500 and the 100 hourly simple moving average.

There is a key bullish channel formed with support near $ 34,550 on the hourly chart of the BTC / USD pair.

The pair could accelerate losses when it breaks the $ 34,500 and $ 34,000 support levels.

 

Bitcoin price turned bearish in the short term

Yesterday, we discussed the chances of the Bitcoin price falling to $ 33,000. BTC followed a bearish path below the $ 35,000 support and broke the $ 34,000 support level.

It traded low as far as $ 33,396 and settled well below the 100 hourly simple moving average. Recently, there was an upward correction above the $ 34,000 level.

Bitcoin price even climbed above $ 35,000, but struggled to overcome the $ 35,800 resistance.

The price is now gaining bearish momentum below $ 35,500 and the 100 hourly simple moving average. There is also a key bullish channel formed with support near $ 34,550 on the hourly chart of the BTC / USD pair. If there is a clear break below the channel support, the price could drop sharply below the $ 34,000 support.

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The next key support is near the $ 33,300 and $ 33,250 levels. Below that, the bears are likely to target the test of the $ 32,000 level.

 

A new increase in BTC?

If Bitcoin starts a new upward move, the initial resistance is near the $ 35,200 level. The first major resistance is near the $ 35,800 level and the 100 hourly simple moving average.

To move into a positive zone, the price must clear the $ 35,800 and $ 36,000 resistance levels. A successful close above the $ 36,000 resistance could open the doors for a push towards the $ 37,500 level.

 

Technical indicators

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently close to the 40 level.

Support Levels – $ 34,000 followed by $ 33,300.

Resistance Levels – $ 35,800, $ 36,000 and $ 37,500.

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