Bitcoin price failed to clear the key $ 36,000 resistance zone against the US Dollar. BTC is showing several bearish signs and may continue to drop to $ 30,000.
Bitcoin failed to gain momentum above the $ 36,000 and $ 36,200 resistance levels.
The price is currently struggling below $ 35,000 and the 100 hourly simple moving average.
There is a major bearish trend line with resistance around $ 34,600 on the hourly chart of the BTC / USD pair.
The pair could continue to decline to $ 30,000 as long as it is below $ 35,000.
Bitcoin price shows bearish signs
After traded low as low as $ 30,312, the bitcoin price started a new surge. BTC crossed the $ 32,000 and $ 34,000 resistance levels to move into the positive zone.
The price even climbed above the $ 36,000 resistance. However, there was no closing above $ 36,200 and $ 36,500. As a result, a rejection of around $ 36,500 and the price dropped below the $ 35,000 level.
Also, there is a major bearish trend line formed with resistance near $ 34,600 on the hourly chart of the BTC / USD pair. The first downside support is near the $ 32,700 level.
The next major support is located near the $ 31,700 level. Below this, the Bitcoin price could continue to drop towards the $ 30,500 and $ 30,000 levels. Further losses could drive the price into the $ 28,000 support zone.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is recovering, but still lies below the 50 level.
Support Levels – $ 32,700 followed by $ 31,700.
Resistance Levels – $ 35,000, $ 36,000 and $ 36,500.