Bitcoin price rebounded above $33.000 but failed to rise above $35.000 against the US Dollar. BTC is pulling back from the 100 hour SMA and could extend its losses.
- Bitcoin started a decent rally and rose above the $34.000 level.
- The price now faces hurdles close to $34.000 and the 100-hour simple moving average.
- There is a crucial downtrendline forming with resistance near $33.800 on the hourly chart for the BTC/USD (Kraken data feed).
- The pair should offset the 100 hour SMA and $34.000 to continue bullish in the near term.
In this article, we will discuss:
Bitcoin price is facing obstacles
Bitcoin began a steady rise above the $33.000 and $33.500 resistance levels. The BTC peaked above the $34.000 resistance zone but failed to gain pace above the 100-hour simple moving average.
It now faces hurdles approaching $34.000 and the 100-hour simple moving average. A high formed near $34.877 and the price is now correcting gains. It fell below the 23,6% Fib retracement level of the recent rebound of $28.900 at the oscillating low to $34.877 at the high.
Immediate support on the downside is near the $31.800 level. It is close to the 50% Fib retracement level of the recent rebound of $28.900 at the oscillating low to $34.877 at the high.
On the upside, initial resistance is near the $33.800 level. There is also a crucial downtrendline forming with resistance near $33.800 on the hourly chart for the BTC/USD pair. The main resistance is still near the $34.000 zone.
Bitcoin must clear the 100 hour SMA and then settle above the $34.000 zone to move to a positive zone. The next big resistance for bulls could be $35.000.
More losses on BTC?
If bitcoin fails to clear the $34.000 resistance or trendline resistance, it may continue to move down. Immediate support on the downside is near the $31.800 level.
The next big support is near the $31.200 level. A break below $31.200 could open the door for a further dip towards the $30.000 zone in the upcoming sessions.
Technical indicators:
MACD per hour – The MACD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.
Key support levels – $31.800 followed by $31.200.
Major resistance levels – $33.800, $34.000 and $35.000.