BTC signaling further correction could lead the cryptocurrency towards the $33K level as it failed to clear the $37,500 and the $37,800 resistance levels against the US dollar. The cryptocurrency is now moving lower and could continue moving lower towards $34,000 and $33,000 levels so let’s read more in today’s Bitcoin news.
BTC signaling further correction means that the cryptocurrency could drop to $33K and the price is now trading below the $36,500 support and the 100 hourly simple moving average and a break below the major contracting triangle with support close to $36,500 or even lower. The pair is showing some bearish signs and could drop again to $33,000. After the failed attempt above the $37,000 resistance, the price could start a fresh decline and a new swing high was immediately formed near the $37,861 before the price corrected lower.
The pair then broke the $36,700 support levels but what’s even more important was a break below the major contracting triangle and support at $36,500 on the hourly chart of the pair. The price is now trading below the $36,500 support as well as the 100 hourly simple moving average. The initial support on the downside was set at $35,850 level and a close of the 50% fib retracement level on the upwards movement from the $33,878 swing low to the $37,861 high.
If the BTC price fails to stay above these support levels, it could continue moving down to the $35,000 with another major support nearing the $34,800 level below which the price is able to decline to the $33,200 support zone in the upcoming months. If BTC starts a fresh upwards move ahead, the initial resistance nearing the $36,350 level and the 100 hourly simple moving average with a major resistance forming at the $36,800 level. The main resistance on the upside is still above the $37,000 level as well as the $37,800 level so a successful close above these levels could open the doors for another increase in the near-term. The hourly MACD is gaining momentum in the bearish zone while the hourly RSI for the pair is well below the 50 levels. The major support levels include $35,800 and $34,800 while the major resistnace levels include $36,800 and $37,000.
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