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.
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.
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.