Bitcoin price is slowly recovering above $ 32,000 against the US dollar. BTC is likely to have strong selling interest near $ 33,500 and $ 34,000.
- Bitcoin appears to be consolidating above the USD 31,000 and USD 32,000 support levels.
- The price is currently just over $ 32,500 and the simple moving average of 100 hours.
- The hourly chart of the BTC / USD pair (data feed from Kraken) broke above a bearish channel with resistance near USD 32,650.
- The pair is likely to continue rising towards the $ 33,500 and $ 34,000 resistance levels.
Bitcoin price is under $ 33.5,000
After a base formed above the USD 30,000 level, Bitcoin price corrected higher. BTC managed to break the $ 31,200 and $ 31,500 resistance levels to move into a short-term positive zone.
There was a break above the 23.6% fib retracement level of the downward move from the high of $ 37,892 to the low of $ 28,809. It is now trading just over $ 32,500 and the 100-hour simple moving average. There was also a break above a bearish channel with resistance near USD 32,650 on the hourly chart of the BTC / USD pair.
Bitcoin price is approaching the resistance level of $ 33,000. The next major resistance could be near $ 33,500 or the 50% fib retracement level of the downward move from the high of $ 37,892 to the low of $ 28,809.
Source: BTCUSD on TradingView.com
Further gains could move the price towards the $ 34,000 resistance zone. To get into a positive zone and start a steady rise, the bulls will need to gain strength above $ 34,000 and $ 34,500 in the short term. The next major resistance is near the $ 35,800 level where the bulls may take a stand.
New decline in BTC?
Unless Bitcoin recovers above $ 33,500 and $ 34,000, there is a risk of further decline. Initial downside support is near the $ 32,000 level.
The first major support is near the $ 31,250 and $ 31,200 levels. A downside break below $ 31,200 and a follow-up move below $ 31,000 could potentially result in a sharp drop towards $ 28,500 in the upcoming sessions. It appears that price could consolidate below the $ 34,000 resistance level before taking the next big move.
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now bouncing towards 40.
Major Support Levels – $ 30,000, followed by $ 28,800.
Main Resistance Levels – $ 30,800, $ 31,000, and $ 32,800.