356
143 shares, 356 points

Bitcoin price is gaining above the $33,000 support zone against the US Dollar. According to famous analyst Aayush Jindal, who has made successful predictions, Bitcoin price can start a new increase as long as it is above the $33,000 region.

(mtag101702)

  • Bitcoin price corrected lower, but the bulls remained active above the $33,000 zone.
  • Price is currently trading just below the $34,800 support and 100 hourly simple movedollar average.
  • BTC/USD has a major contracting triangle forming with support near $33.750 on the saadollarsik chart (data feed from Kraken).
  • According to the analyst, the pair could start a decent increase if there is a clear break above $34,800 and $35,000.

Aayush Jindal: Bitcoin price Consolidating below $35,000

(mtag101702)

Cryptocoin. com, Bitcoin price climbed above the $35,000 resistance, but failed to amplify gains. BTC rallied as high as $35.130 before starting a fresh downside correction. Then, there was a break below the support level of $34,500 in BTC and the average of 100 saadollarsik simple movements.

(mtag101702)

BTC even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33.594 and the price is now consolidating losses. BTC climbed above the 23.6% Fib retracement level of the drop from the $35.130 high to $33.594 low. There seems to be a large contracting triangle forming with support near $33,750 on the saadollarsik chart of the BTC/USD pair.

(mtag101702)

Here are the levels that Bitcoin price can see in the next sessions

(mtag101702)

If bitcoin price fails to stay above the triangle support and then $33,600, there could be a sharp decline. The next major support is near the $33,250 level. If there is a downside break below the $33.250 and $33,000 support levels, the price could continue to decline. More losses are likely to push the price towards the $32,200 support.

(mtag101702)

Bitcoin price could start a fresh increase in the near term if it stays stable above the triangle support and the $33,600 zone. A sudden resistance on the upside is near the $34,800 level and the triangle upper trend line. The next key resistance is near $35,000, where the price could attempt a strong rise. If there is a close above the $35,000 resistance zone, the price could rally to the $36,500 level.

(mtag101702)

Technical indicators Current view of Bitcoin price

(mtag101702)

Saadollarsik MACD:The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

(mtag101702)

Saadollarsik RSI (Relative Strength Index):The RSI for BTC/USD is just above the 50 level.

(mtag101702)

Main Support Levels: $33,650 followed by $33,000.

(mtag101702)

Main Resistance Levels:34. $800, $35,400 and $36,500.

(mtag101702)

Disclaimer: Cryptocoin. The articles and articles on com do not constitute investment advice. Cryptocoin. com does not recommend buying or selling any cryptocurrencies or digital assets or Cryptocoins. com is not an investment advisor. Hence Cryptocoin. com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, asset or service in this article.

(mtag101702)

Warning: Cryptocoin. Citing the news content of com and quoting by giving a link Cryptokoin. com’s permission. No content on the site can be copied, reproduced or published on any platform without permission. Cryptocoin. Legal action will be taken against those who use code, design, text, graphics and all other content of com in violation of intellectual property law and relevant legislation. .

(mtag101702)


Like it? Share with your friends!

356
143 shares, 356 points

What's Your Reaction?

hate hate
736
hate
confused confused
245
confused
fail fail
1104
fail
fun fun
981
fun
geeky geeky
858
geeky
love love
490
love
lol lol
613
lol
omg omg
245
omg
win win
1104
win

0 Comments

Your email address will not be published. Required fields are marked *