Bitcoin price declined below the $33,000 support area against the US Dollar. BTC is currently recovering and it should stay above $30,000 to avoid a major decline.
- Bitcoin extended its decline below the $33,500 and $33,000 support levels.
- The price is currently trading well below $35,000 and the 100 hourly simple moving average.
- There is a major rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh decline if there is a break below $32,300 and $32,000.
bitcoin price is under pressure
bitcoin remained in one recession zone It extended further decline below the $35,500 support area. BTC broke the $33,500 support level and declined below the 100 hourly simple moving average.
the price also went down $32,000 support area. A low was formed near $31,065 before the price started a correction. There was a break above the $32,000 and $32,500 levels. The price climbed above the 23.6% Fib retracement level of the recent decline from the $36,820 high to $31,065 low.
However, the price is facing a strong resistance near the $34,000 level. It seems like the 50% Fib retracement level of the recent decline from the $36,820 high to $31,065 low is acting as a barrier.
Source: BTCUSD on TradingView.com
There is also a major rising channel forming with support near $32,300 on the hourly chart of the BTC/USD pair. The first major resistance is near the $33,500 level. A major resistance is near the $34,000 area, above which the price could test the 100 hourly simple moving average.
More losses in BTC?
If bitcoin fails to clear the $34,000 resistance, it could continue to decline. An initial support on the downside is near the $32,500 level.
The first major support is near the $32,300 level and the channel trend line. If there is a downside break from the channel support, the price could drop to $31,000. The main support is near the $30,000 level. If the bulls fail to defend the $30,000 support area, there is a risk of a sharp decline.
Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 50 level.
Key Support Level – $32,300, followed by $31,000.
Key Resistance Levels – $33,500, $34,000 and $35,000.