The price of bitcoin attempted once more to break through the $36,000 barrier. Bitcoin is currently correcting downward towards the $35,200 support after struggling once again.
Once more, Bitcoin was unable to overcome the crucial $36,000 resistance level.
The 100 hourly Simple moving average and $35,000 are both being traded above by the price.
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On the hourly chart of the BTC/USD pair, there was a break over a significant contracting triangle with resistance close to $35,000. (data feed from Kraken).
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Gains are being corrected by the pair, which might find support close to $35,200 or $35,000.
The price of bitcoin is upward.
The price of bitcoin stayed steady above the $34,000 support level. Bitcoin made another effort to get above the $35,250 barrier level. On the hourly chart, there was a break over a significant contracting triangle with resistance close to $35,000.
The bears were active close to the $36,000 zone, even though it had cleared the $35,500 resistance. After reaching a peak close to $35,900, the price is now declining once more. A move occurred below the $35,500 mark. The price fell below the level of the upward rise from the $34,560 swing low to the $35,900 high, which is the 23.6% Fib retracement.
Right present, the price of bitcoin is over $35,000 as well as the 100 hourly Simple Moving Average. The 50% Fib retracement level of the upward advance from the $34,560 swing low to the $35,900 high appears to be nearing, as does the $35,200 support level.
Should it remain above $35,200, a new rise may occur. Immediate barrier on the upside is located close to the $35,560 mark. The current high around the vicinity of $35,900 might be the next significant obstacle. The pivotal resistance remains close to $36,000. It might be possible to advance towards the $37,000 barrier if there is a clear move above the $36,000 resistance.
The price may move towards $38,000 if it breaks over $37,500, which is the next significant resistance level. Should there be any further advances, Bitcoin might approach $38,800.
More Drawbacks for Bitcoin?
Bitcoin may keep falling if it is unable to break over the $35,560 barrier level. The $35,200 low provides immediate support below.
The 100 hourly SMA or the $35,000 zone is the location of the next significant support. There might be additional losses if the price moves below $35,000. In the given scenario, the price may soon return to the $34,000 support level.
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Technical signs:
- Hourly MACD: At this point, the bullish zone of the MACD is losing ground.
- Relative Strength Index (RSI) hourly: At this point, the BTC/USD RSI is over the 50 threshold.
- Levels of Major Support: $35,200, then $35,000.
- The key levels of resistance are $35,560, $35,900, and $36,000.
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