Bitcoin price is in a range below the $ 33,500 and $ 33,800 resistance levels against the US dollar. BTC is likely to continue to decline unless it clears the $ 33,800 resistance.
- Bitcoin retested the $ 31,000 zone and managed to stay in one area.
- The price is currently facing resistance near $ 32,800 and the 100-hour simple moving average.
- A short-term ascending channel or bear flag is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 31,900.
- The pair could trade in a range with strong resistance near $ 33,500 and $ 33,800.
Bitcoin price is facing strong resistance
After a failed attempt to remove the $ 35,000 resistance, Bitcoin price reduced gains and traded below $ 33,800. BTC even broke the $ 32,500 level and was below the 100 hour simple moving average.
There was an increase below the $ 31,000 level but it remained stable above the $ 30,800 level. A low is being formed near $ 30,823 and the price is currently rebounding higher. It exceeded the 23.6% fib retracement level of the downward move from the high of $ 34,915 to the low of $ 30,823.
Bitcoin price is currently facing resistance near $ 32,800 and the 100-hour simple moving average. The 50% Fib retracement level of the move down from the high of $ 34,915 to the low of $ 30,823 is also close to $ 32,800.
Source: BTCUSD on TradingView.com
To begin with, a short-term ascending channel or bear flag appears to be forming on the hourly chart of the BTC / USD pair with support near $ 31,900. To move higher, the bulls need to gain strength above $ 32,500, $ 32,800 and the 100-hour SMA.
The next strong resistance is near the $ 33,500 and $ 33,800 levels. A closing price above $ 33,800 could increase the chances of a steady increase in upcoming sessions.
Fresh dip in BTC?
If Bitcoin fails to offset the $ 32,800 or $ 33,500 resistance, it could cause another drop. Initial support is near channel support at $ 31,900.
A significant break below the channel support could open the doors for a larger decline towards the $ 30,800 support. Further losses could potentially result in a bearish move below the USD 30,000 support zone.
Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now close to the 50 level.
Major Support Levels – $ 31,800 followed by $ 30,800.
Main Resistance Levels – $ 32,800, $ 33,500, and $ 33,800.