Bitcoin price started a fresh decline after it failed to surpass ,000 against the US Dollar. The price is now trading well below the ,250 zone and the 55 simple moving average (4-hours). There is a major declining channel forming with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is likely to continue lower towards the ,000 support zone in the near term. Bitcoin price is slowly moving lower below ,000 against the US Dollar. BTC must stay above the ,000 zone to avoid a larger decline in the near term. Bitcoin Price Analysis Bitcoin price failed to clear the ,000 resistance and it started a fresh decline. BTC broke the ,200 and ,500 support levels to move back into a bearish zone. The pair
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- Bitcoin price started a fresh decline after it failed to surpass $35,000 against the US Dollar.
- The price is now trading well below the $34,250 zone and the 55 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $34,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to continue lower towards the $30,000 support zone in the near term.
Bitcoin price is slowly moving lower below $33,000 against the US Dollar. BTC must stay above the $30,000 zone to avoid a larger decline in the near term.
Bitcoin Price Analysis
Bitcoin price failed to clear the $35,000 resistance and it started a fresh decline. BTC broke the $34,200 and $33,500 support levels to move back into a bearish zone.
The pair broke the 50% Fib retracement level of the upward move from the $32,140 swing low to $34,704 high. It is now trading well below the $34,250 zone and the 55 simple moving average (4-hours). The price even broke the $33,000 support zone.
It is now consolidating below the 76.4% Fib retracement level of the upward move from the $32,140 swing low to $34,704 high. An immediate support on the downside is near the $32,200 zone.
If there is a downside break below the $32,200 zone, the pair could decline steadily towards the $31,200 level. The next major support for the bulls is near the $30,000 zone. An immediate resistance is near the $33,000 level.
The next major resistance is forming near the $33,500 zone and the 55 SMA. There is also a major declining channel forming with resistance near $34,000 on the 4-hours chart of the BTC/USD pair. A clear break above the channel resistance could set the pace for a larger increase above $34,000. The next major resistance on the upside could be $35,000.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading well below $34,000 and the 55 simple moving average (4-hours). Overall, the price is likely to continue lower towards the $30,000 support zone in the near term.
Technical indicators
4 hours MACD – The MACD is slowly gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well below the 50 level.
Key Support Levels – $32,200 and $30,000.
Key Resistance Levels – $33,500, $34,000 and $35,000.