Bitcoin price surged towards the $ 38,000 resistance, but was unable to gain more against the US dollar. According to veteran analyst Aayush Jindal, the Bitcoin price has just begun to fall and is currently struggling to stay above $ 33,500.

 

 

Bitcoin price shows several bearish signs below the $ 35,000 and $ 35,500 resistance levels.
The price is currently trading near the $ 34,000 pivot level and the 100 simple moving average (4-hours).
There is an important bullish trend line formed near $ 33,900 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
The pair could either drop heavily to $ 31,000 or clear $ 35,000 for a new increase, according to the analyst.

Analyst: Bitcoin price is at risk of falling to $ 31k! Here is the reason…

In the past days, Bitcoin price has seen a sharp rise above the $ 35,000 resistance against the US dollar. The BTC / USD pair rose over 15% and even climbed above the $ 36,500 level. The price settled above the $ 38,000 resistance and moved above the 100 simple moving average (4 hours). A high was formed around $ 38,603 before the price started a new decline.


Later, there was a sharp decline below the $ 36,500 and $ 36,000 levels. Bitcoin price even traded below the 50% Fib retracement level of the rise from $ 29,282 to $ 38,603. The price even tested the $ 33,000 support level. BTC found support near the 61.8% Fib retracement level of the move from $ 29,282 to $ 38,603.

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Here are the levels that the bitcoin price could test soon

The price is currently trading near the $ 34,000 pivot level and the 100 simple moving average (4-hours). There is also a key bullish trend line formed near $ 33,900 on the 4-hour chart of the BTC / USD pair. If there is a clear break below the trend line, the price may continue to fall below $ 33,500. The next major support is $ 33,000, according to the analyst. More losses could drive the price into the $ 31,000 support zone, according to the analyst.

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If the bitcoin price stays above the trendline support, there is a chance for a new increase above $ 34,500. An initial upside resistance is near the $ 35,000 level, according to the analyst. A proper break and close above the $ 35,000 resistance will likely set the pace of a continuous upward movement in the upcoming sessions, according to the analyst. The next major resistance on the upside is near the $ 36,400 level, according to the analyst.

 

Current view of Bitcoin price with technical indicators

  • 4-hour MACD: The MACD for BTC / USD is slowly gaining momentum in the bearish zone.
  • 4-hour RSI (Relative Strength Index): The RSI for BTC / USD is just above the 50 level.
  • Major Support Level: $ 33,500.
  • Major Resistance Level: $ 35,000 USD.

 

Here are Aayush Jindal’s successful predictions

Successful analyst Aayush Jindal is a name who has made successful technical analysis in Bitcoin, Ethereum, Ripple, Chanlink and many altcoins. Aayush Jindal has a history of successfully setting critical levels for many cryptocurrencies. The veteran analyst also correctly predicted the recent fall of BTC to $ 28,500.

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