Bitcoin price shows signs of improvement over $ 32,000 against the US Dollar. BTC is facing an uphill mission from $ 34,000 and will likely continue to drop to $ 30,000.
Bitcoin is rising at $ 28,865 and is trading above the $ 32,000 resistance.
The price is facing strong resistance near $ 34,000 and the 100 simple moving average.
The 4-hour chart of the BTC / USD pair features a short-term contract triangle with resistance near $ 33,000.
The pair could face strong resistance near the $ 33,800 and $ 34,000 levels in the near term.
Bitcoin price at risk
Last week, Bitcoin price saw a sharp decline below the $ 35,000 and $ 34,000 support levels against the US Dollar. The BTC / USD pair fell even below the $ 30,000 support and settled well below the 100 simple moving average.
A low was formed around $ 28,800 before the price started an upward correction. The price broke the $ 30,000 level and even climbed above the $ 31,500 level.
If there is a triangle break, the price could face hurdles near the $ 33,800 and $ 34,000 levels.
A close above the $ 34,000 and $ 34,500 resistance levels could open the doors for a larger increase. The next big hurdle is near the $ 38,000 level.
If Bitcoin fails to cross the $ 33,500 and $ 34,000 resistance levels, it is at risk of another downside. Initial downside support is near the $ 31,800 level.
A clear break below the $ 31,800 and $ 31,500 support levels could open the way towards the $ 30,000 support zone in the near term. Further losses could require a test of the $ 28,800 zone.
4-hour MACD – The MACD for BTC / USD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for BTC / USD is rising towards the 50 level.
Support Level – $ 30,000.
Resistance Level: $ 34,000.