TA: Bitcoin Eyes Recovery, Here’s Why BTC Could Struggle Near $35K


Bitcoin worth prolonged its decline and examined the $31,500 zone in opposition to the US Dollar. BTC is now recovering losses, however it’s more likely to face sellers close to $34,000 and $35,000.

  • Bitcoin remained in a bearish zone and it even broke the $32,000 help zone.
  • The worth is now buying and selling nicely beneath $35,000 and the 100 hourly easy transferring common.
  • There is a key bearish development line forming with resistance close to $35,100 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is more likely to appropriate larger, however the bears may forestall features above $35,000 within the close to time period.

Bitcoin Price Could Recover Losses

Bitcoin struggled to remain above the $33,000 zone and it extended its decline. BTC broke the $32,500 and $32,000 help ranges to maneuver additional right into a bearish zone.

The worth even spiked beneath the $31,500 stage and settled nicely beneath the 100 hourly easy transferring common. It traded as little as $31,310 and it just lately began an upside correction. Bitcoin is now again above the $32,000 and $32,500 resistance ranges.

There was additionally a break above the 23.6% Fib retracement stage of the current drop from the $36,170 swing excessive to $31,310 low. An preliminary resistance on the upside is close to the $33,800 stage (the current breakdown zone).

The 50% Fib retracement stage of the current drop from the $36,170 swing excessive to $31,310 low can also be close to $33,800. The predominant resistance is now forming close to the $35,000 level and the 100 hourly simple moving average. There can also be a key bearish development line forming with resistance close to $35,100 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

Therefore, bitcoin bulls are more likely to face a serious resistance close to the $35,000 zone and the 100 hourly SMA. The subsequent main resistance on the upside sits at $36,200.

More Losses in BTC?

If bitcoin fails to clear the $33,800 resistance or the development line resistance, it may proceed to maneuver down. An instant help on the draw back is close to the $32,000 stage.

The subsequent main help is close to the $31,500 stage. A draw back break beneath $31,500 may open the doorways for extra losses. In the acknowledged case, the value may even take a look at $30,000.

Technical indicators:

Hourly MACD – The MACD is slowly transferring into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is struggling to clear the 50 stage.

Major Support Levels – $32,000, adopted by $31,500.

Major Resistance Levels – $33,800, $34,000 and $35,000.



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