Bitcoin price is still struggling to gain pace for a move above $35,000. BTC could correct a few points before the bulls try to rise again.
- Bitcoin is still struggling to overcome the $35,000 resistance.
- The price is trading above USD 34,150 and the 100 hourly Simple Moving Average.
- A short-term ascending channel is forming with support near $34,280 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards the $34,000 zone before attempting another rise.
Bitcoin price looks fresh
Bitcoin price remained strong above the USD 33,800 level. BTC formed a base and tried to rise again above the USD 34,500 resistance zone. It even peaked towards the main barrier at $35,000.
However, there was no upward continuation. The price formed a top near $34,953 and recently corrected lower. There was a move below the USD 34,600 level. The price fell below the 23.6% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high.
Bitcoin is now trading above $34,280 and the 100 hourly Simple Moving Average. A short-term ascending channel is also forming with support near $34,280 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $34,780 level. The next major resistance could be near $34,950 or the channel’s upper trendline. The main resistance is still near the $35,000 zone. A clear move above the USD 35,000 resistance could trigger a significant upside.
Source: BTCUSD on TradingView.com
The next major resistance could be at USD 35,500, above which the price could test USD 36,200. Any further gains could send BTC towards the $36,500 level in the short term.
Drops in BTC?
If Bitcoin fails to rise above the USD 34,750 resistance zone, a downward correction could occur. The immediate downside support is near the $34,250 level and the 100 hourly Simple Moving Average.
The next major support is near the $33,950 level or the 61.8% Fib retracement level of the upward move from the $33,319 swing low to the $34,953 high. If there is a move below $33,950, there is a risk of more downside. In the mentioned case, the price could fall towards the USD 33,400 level or even USD 33,200.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 34,280, followed by USD 33,950.
Major resistance levels – $34,750, $34,950 and $35,000.