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.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
DC Forecasts - Newsletter and get recent news directly to your inbox! Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
Daily Newsletter Bitcoin NewsAltcoin NewsLitecoin NewsEthereum NewsBlockchain NewsBitcoin ScamsRegulationExpert AnalysisPress ReleasesCardano NewsRipple NewsLibra NewsBitcoin Cash NewsTron NewsNexo NewsVechain NewsStellar NewsTezos NewsBinance Coin NewsCoinbase NewsChainLink NewsEOS NewsIOTA NewsTether NewsBitcoin SV NewsMonero NewsEthereum Classic NewsDash NewsUNUS NewsCosmos NewsMECX Token NewsNEO NewsDC Forecasts Announcements
DC Forecasts provides a comprehensive source of the latest news about cryptocurrency news daily. Read more on our about us page for details.