Bitcoin price extended its decline below the USD 33,000 support zone against the US dollar. BTC is currently recovering and needs to stay above $ 30,000 to avoid a major drop.
- Bitcoin extended its decline below the $ 33,500 and $ 33,000 support levels.
- The price is currently well below $ 35,000 and the 100-hour simple moving average.
- A major rising channel is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 32,300.
- The pair could start another decline if it breaks below $ 32,300 and $ 32,000.
Bitcoin price is under pressure
Bitcoin stayed in a bearish zone below the USD 35,500 support zone and extended its decline. BTC broke the USD 33,500 support level and settled below the 100-hour simple moving average.
The price even fell below the USD 32,000 support zone. A low was made at $ 31,065 before the price started an upward correction. There was a break above the USD 32,000 and USD 32,500 levels. The price climbed above the 23.6% fib retracement level of the recent decline from the high of $ 36,820 to the low of $ 31,065.
However, the price is facing strong resistance near the $ 34,000 mark. It appears that the 50% Fib retracement level of the recent decline from the high of $ 36,820 to the low of $ 31,065 is acting as a hurdle.
Source: BTCUSD on TradingView.com
A major upside channel is also forming on the hourly chart for the BTC / USD pair with support near USD 32,300. The first major resistance is near the $ 33,500 mark. The main resistance is near the $ 34,000 zone above which price could test the 100-hour simple moving average.
More losses at BTC?
If Bitcoin can’t break the $ 34,000 resistance, it could go further down. Initial downside support is near the $ 32,500 mark.
The first major support is near the $ 32,300 mark and the channel’s trendline. If there is a downside break below channel support, the price could plunge to $ 31,000. The main support is near the $ 30,000 mark. If the bulls fail to protect the USD 30,000 support zone, there is a risk of a sharp decline.
Hourly MACD – The MACD is slowly picking up pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well below the 50 level.
Major Support Levels – $ 32,300, followed by $ 31,000.
Main Resistance Levels – $ 33,500, $ 34,000, and $ 35,000.