Bitcoin price is struggling below $32,000 against the US Dollar. BTC might extend losses if it stays below the $32,000 and $34,000 resistance levels.
Bitcoin Price Analysis
Bitcoin price failed to clear the $38,000 resistance zone. As a result, BTC started a fresh decline and traded below the key $35,000 support zone.
There was a clear move below the $34,000 level and the 55 simple moving average (4-hours). The price even traded below the $32,000 level. A low is formed near $29,735 and the price is now consolidating losses. There was a move above the $31,000 resistance zone.
The price even tested the 23.6% Fib retracement level of the downward move from the $40,040 swing high to $29,735 low. An immediate resistance on the upside is near the $31,300 level.
There is also a key contracting triangle forming with resistance near $31,300 on the 4-hours chart of the BTC/USD pair. The next major resistance on the upside is near the $32,000 level. To start another increase, the price must settle above the $32,000 level in the near term.
In the stated case, bitcoin could rise towards the $34,000 resistance or even the 50% Fib retracement level of the downward move from the $40,040 swing high to $29,735 low.
If there is no upside break, the price might start a fresh decline below $30,400. The next key support is near the $30,000 level. Any more losses might call for a test of the $28,500 support zone, where the bulls might take a stand in the near term.
Looking at the chart, bitcoin price is clearly trading below $32,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $32,000 level.
4 hours MACD – The MACD is now losing momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 40 level.
Key Support Levels – $30,400 and $30,000.
Key Resistance Levels – $31,300, $32,000 and $34,000.
Source: Read Full Article
Litecoin [LTC/USD] Technical Analysis: Bulls prepare for short-term sprint, long haul still in bear’s grasp
Mt.Gox receivers begin the beginning of the end
Susquehanna Downgrades AMD on Bitmain Challenge
Blockchain Africa Conference Showcases How Tech Can Change the Continent
Bitcoin btc price update hindi altcoin cryptocurrency latest news updates