Bitcoin’s price rise above $ 34,000, but struggled close to around $ 35,000 against the US Dollar. BTC is currently falling and under $ 32,000 is at risk of further losses.
Bitcoin struggled to gain momentum above $ 34,500 and remained below $ 35,000.
The price is currently well below $ 33,000 and is testing the 100 hourly simple moving average.
There is a key bullish trend line formed with support near $ 32,400 on the hourly chart of the BTC / USD pair.
The pair is likely to decline to $ 31,500 and $ 30,800 in the near term.
Yesterday, there was a good recovery in bitcoin price above the $ 33,800 and $ 34,000 resistance levels. BTC even broke the $ 34,500 level and moved above the 100 hourly simple moving average.
However, the bulls tried to gain strength above $ 34,500 and the price remained below $ 35,000. A high was formed around $ 34,872 before the price started a new drop. There was a break below the $ 34,000 and $ 33,800 support levels.
Also, there is a key bullish trend line formed with support near $ 32,400 on the hourly chart of the BTC / USD pair.
A downside break and closing below $ 32,000 could start another low. In the situation stated, the price is likely to drop to the $ 30,800 support or even the $ 30,000.
If Bitcoin remains above the $ 32,400 and $ 32,000 support levels, it could initiate a new increase. An initial resistance on the upside is near the $ 33,000 level.
The first major resistance is near the $ 33,800 level. The main resistance is still located near the $ 34,500 and $ 35,000 levels. On top of that, the price is likely to accelerate to higher levels in the near term.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well below the 50 level.
Support Levels – $ 32,400 followed by $ 30,800.
Resistance Levels – $ 33,000, $ 33,800 and $ 34,500.