BTC struggles at $35K as it failed to clear the key $36,000 resistance zone and the US dollar with it showing a lot of bearish signs which could continue lower towards $30,000 as we can see in today’s Bitcoin news.
BTC failed to gain momentum above the $36,000 price range as well as the $36,200 resistance level. There’s a major bearish trend line that is forming with resistance close to the $34,600 on the hourly chart of the pair with the pair going downwards towards $30,000 as long as it is able to sustain $35,000. After trading as low as $30,312, the price started a fresh increase and surpassed the $32,000 and $34,000 resistance levels to go into the positive zone. The price spiked above the $36,000 resistance but there was no close above the $36,200 and the $36,500 level so as a result, there was a strong rejection at $36,500 and the price dropped below the $35,000 level.
There was also a break below the $34,000 level and the 100 hourly simple moving average with the price breaking the 50% fib retracement level from the upwards movement at $30,312 low to $36,617 high. There was a major bearish trend line forming with the resistance at $34,600 on the hourly charts of the pair with the initial support on the downside nearing the $32,700 level. The pair is close to the 61.8% fib retracement level from the $30,312 low to the $36,617 high. The next major support is near the $31,700 level and from here, the price could continue moving down towards the $30,500 price range.
BTC struggles at $35K but to move into a positive zone it cannot fail to clear many hurdles, starting with $34,600 so the first major resistance will be set at $35,000. The main resistance is close to the $36,000 and $36,200 levels so closing above them could launch a fresh rally towards $39,200 or even $40,000. The hourly MACD is gaining stronger momentum in the bearish zone with the hourly RSI being below the 50 levels. the major support levels are set at $32,700 and $31,700 while the major resistance levels are set at $35,000 and $36,000.
As reported a day ago, The macro parabola could still be valid but it will require a strong trend reversal in the near-term. The entire market is reeling lower in tandem with BTC and the investors believe that the ongoing drop could even extend further.
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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.
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