Bitcoin price tested the $ 30,000 support and is currently rising. BTC is likely to face a strong selling interest around $ 37,000 and $ 38,000. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Bitcoin continued its decline and even traded close to the $ 30,000 support.
- The price is currently well below the $ 38,000 resistance and the 100 hourly simple moving average.
- There is a key bearish trend line with resistance around $ 37,000 on the hourly chart of the BTC / USD pair (based on Kraken data).
- The pair could face strong selling interest near the $ 37,000 zone and the 100 hourly SMA.
Bitcoin (BTC) Price Faces Obstacles
Bitcoin failed to stay above the $ 35,000 support and continued its decline. BTC even broke the $ 32,000 support zone and fell well below the 100 hourly simple moving average.
It tested almost the $ 30,000 support zone and traded as low as $ 31,037. Recently, it started an upward correction above the $ 32,000 and $ 33,000 levels. There was a break above the 50% Fib retracement level of the last drop from $ 38,827 to $ 31,037.
Bitcoin is currently facing resistance near the $ 35,800 level. This represents the 61.8% Fib retracement level of the last drop from $ 38,827 to $ 31,037.
The main resistance is currently forming near the $ 37,000 level. There is also a key bearish trend line with resistance around $ 37,000 on the hourly chart of the BTC / USD pair. The 100 hourly simple moving average is also close to the $ 37,000 resistance zone.
A clear break above the trendline resistance and the 100 hourly simple moving average could open the doors for a larger recovery towards the $ 40,000 level. A mid-level resistance is near the $ 38,000 level.
Will Bitcoin (BTC) Fall?
If Bitcoin fails to cross the $ 37,000 resistance, there is a risk of a new drop. Initial support on the downside is near the $ 34,000 level.
The first major support is currently occurring near the $ 32,000 zone. A downside break below the $ 32,000 support could initiate a new decline towards the $ 30,000 support zone in the near term.
- Hourly MACD – The MACD is slowly gaining momentum in the bull zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently above the 50 level.
- Major Support Levels – $ 34,000 followed by $ 32,000
- Major Resistance Levels – $ 35,800, $ 37,000 and $ 38,000