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Bitcoin price is slowly rising above $ 32,000 against the US dollar. BTC is likely to see strong selling interest around $ 33,500 and $ 34,000.
Bitcoin seems to be consolidating above the $ 31,000 and $ 32,000 support levels.
The price is currently just above $ 32,500 and the 100 hourly simple moving average.
There was a break above the bearish channel with resistance near $ 32,650 on the hourly chart of the BTC / USD pair.
The pair is likely to continue to rise towards the $ 33,500 and $ 34,000 resistance levels.
Bitcoin price stuck below $ 33500
After building a base above the $ 30,000 level, Bitcoin price soared. BTC managed to clear the $ 31,200 and $ 31,500 resistance levels to move into the short-term positive zone.
It is currently trading just above the $ 32,500 and 100 hourly simple moving average. There was also a break above the descending channel with resistance near $ 32,650 on the hourly chart of the BTC / USD pair.
Bitcoin price is approaching the $ 33,000 resistance level.
More gains could steer the price towards the $ 34,000 resistance zone. The bulls need to gain strength above $ 34,000 and $ 34,500 in the near term to move into a positive zone and start a steady rise. The next major resistance is located near the $ 35,800 level where the bulls can take a stand.
There are new drops in BTC
If Bitcoin cannot go above $ 33,500 and $ 34,000, it is at risk of another decline. Initial downside support is near the $ 32,000 level.
It looks like the price could consolidate in a range below the $ 34,000 resistance level before making the next big move.
Technical indicators
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently recovering towards the 40 level.
Major Support Levels – $ 30,000 followed by $ 28,800.
Major Resistance Levels – $ 30,800, $ 31,000 and $ 32,800.
