Bitcoin price failed to stay above the key $35,000 support zone against the US Dollar. According to the famous analyst Aayush Jindal, who has made successful predictions, Bitcoin price is falling and if there is a close below $34,000, it could slide seriously.
- Bitcoin price started a fresh decline well above the $36,500 level.
- Price is currently trading near the $34,500 and 100 hourly simple movementdollar average.
- There was a break below a key uptrend line with support near $35.750 on the saadollarsik chart of BTC/USD (data feed from Kraken).
- The pair is likely to decline further if there is a clear break below the $34,000 support zone.
Bitcoin price started falling again! Here’s what happened…
As we previously reported as , Bitcoin price started a steady increase above the $35,000 resistance level. BTC even broke the $36,000 hurdle and the 100 hour simple movement average. However, it failed to stay above the $36,500 zone. A high was formed near $36,698 and the price recently started a fresh decline.
35. There was a break below the $500 and $35,000 support levels. The price broke the 23.6% Fib retracement level of the upward move from the $30,187 high to $36,698 high. There was a break below a key uptrend line with support near $35.750 on the saadollarsik chart of the BTC/USD pair. Bitcoin price is currently $34,500 and is trading near the average of 100 hours of simple transactions.
Here are the levels that Bitcoin price can see in the near term
The first major support is near the $34,000 level. If there is a downside break below $34,000, the bears are likely to gain strength. The next key support is near the $33,450 level. This level is close to the 50% Fib retracement level of the upward move from the $30.187 high to $36,698 high. More losses could likely push the price towards the $32,000 support zone. The main support is still near the $30,000 zone.
If bitcoin price stays stable above the $34,000 support zone, a fresh increase could begin in the near term. A sudden resistance on the upside is near the $35,200 level. The next key resistance is near $35,500, above which the bulls are likely to retest $36,500. Any further gains could push the price higher towards the $38,000 resistance. The next major hurdle is near the $40,000 zone.
Current view of Bitcoin price with technical indicators
Saadollarsik MACD: The MACD for BTC/USD is slowly gaining momentum in the bearish zone.
Saadollarsik RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
Main Support Levels: $34,000 followed by $33,400.
Main Resistance Levels: $35,200, $35,500 and $36,500.
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