Bitcoin price is still struggling to overcome the key resistance at USD 35,000. BTC could correct lower and revisit the USD 34,000 support zone if it continues to struggle near USD 35,000.
- Bitcoin is still facing a major hurdle near the USD 35,000 resistance.
- The price is trading above USD 34,250 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $34,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower, but the bulls could remain active around $34,000.
Bitcoin price remains supported
Bitcoin price tried to rise again above the USD 34,750 resistance. BTC spiked above the USD 34,950 level. However, the price remained below the main barrier of $35,000.
It reached a high around $34,953 and the price recently corrected downwards. It was trading close to the USD 34,000 level. A low was formed around $34,060 and the price is now trying to make a new move higher. There was a move above the USD 34,500 level.
It climbed above the 50% Fib retracement level of the downward move from the $34,953 swing high to the $34,060 low. Bitcoin is now trading above $34,260 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support near $34,260 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $34,650 level. The next major resistance could be near $34,750, or the 76.4% Fib retracement level of the downward move from the $34,953 swing high to the $34,060 low.
Source: BTCUSD on TradingView.com
The main resistance is still near the $35,000 zone. A clear move above the USD 35,000 resistance could trigger a significant upside. The next major resistance could be at USD 35,500, above which the price could rise towards USD 36,200. Any further gains could send BTC towards the $37,500 level.
Bearish reaction in BTC?
If Bitcoin fails to rise above the USD 34,650 resistance zone, a downward correction could occur. The immediate downside support is near the $34,270 level and the 100 hourly Simple Moving Average.
The next major support is near the $34,000 level. If there is a move below $34,000, there is a risk of more downside. In the mentioned case, the price could drop towards the USD 33,500 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 just above the 50 level.
Major support levels – USD 34,260, followed by USD 34,000.
Major resistance levels – $34,650, $34,750 and $35,000.
