Bitcoin price started a major downside correction from the ,000 high against the US Dollar.The price is now trading well below ,000 and the 55 simple moving average (4-hours).There is a key bullish trend line forming with support near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair must clear the ,500 and ,000 resistance levels to start a fresh increase.Bitcoin price is moving lower below ,000 against the US Dollar. BTC could start a fresh increase as long as it is above the ,000 and ,000 support levels.Bitcoin Price AnalysisIn the past few days, there were swing moves in bitcoin price above ,000 against the US Dollar. BTC gained bullish momentum and broke the ,000 resistance. It even broke the ,000 level and the 55 simple
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Bitcoin Schweiz News writes Die besten Bitcoin-Börsen für die Schweiz: Sortiert nach Trustpilot-Rating
Bitcoin Schweiz News writes Diese 3 Bitcoin-Börsen sind für Anfänger besonders geeignet
Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics
Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop
- Bitcoin price started a major downside correction from the $42,000 high against the US Dollar.
- The price is now trading well below $36,000 and the 55 simple moving average (4-hours).
- There is a key bullish trend line forming with support near $32,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must clear the $35,500 and $36,000 resistance levels to start a fresh increase.
Bitcoin price is moving lower below $35,000 against the US Dollar. BTC could start a fresh increase as long as it is above the $32,000 and $30,000 support levels.
Bitcoin Price Analysis
In the past few days, there were swing moves in bitcoin price above $35,000 against the US Dollar. BTC gained bullish momentum and broke the $38,000 resistance. It even broke the $40,000 level and the 55 simple moving average (4-hours).
A new all-time high was formed near $42,000 before the price started a sharp decline. There was a drop of over $5,000. The price broke the $36,000 and $35,000 support levels.
It traded close to the $30,000 level before starting a decent recovery. The price climbed above the $33,000 level and $34,000. There was a break above the 23.6% Fib retracement level of the recent decline from the $42,000 high to $30,000 swing low.
However, the bears defended the $36,000 resistance level and the 55 simple moving average (4-hours). The 50% Fib retracement level of the recent decline from the $42,000 high to $30,000 swing low also acted as a barrier.
The price is now moving lower, and it is now trading well below $36,000 and the 55 simple moving average (4-hours). On the downside, there is a key support forming near $32,000. There is also a key bullish trend line forming with support near $32,000 on the 4-hours chart of the BTC/USD pair.
Any more losses could lead the price towards the $30,000 support level. On the upside, the price is facing hurdles near the $35,500 and $36,000 levels. A successful break above the $35,500 level and a follow up move above the $36,000 zone is must to start a fresh surge.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading well below $36,000 and the 55 simple moving average (4-hours). Overall, the price must clear the $35,500 and $36,000 resistance levels to start a fresh increase.
Technical indicators
4 hours MACD – The MACD is showing negative signs in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is well below the 50 level.
Key Support Levels – $32,000 and $30,000.
Key Resistance Levels – $35,000, $35,500 and $36,000.