HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

TA: Bitcoin Correcting Gains, What Could Trigger Fresh Rally

Bitcoin 2021/07/05 05:08 by Aayush Jindal

Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term.

  • Bitcoin started a downside correction from the $36,000 zone.
  • The price is now approaching the $34,000 support and the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA.

Bitcoin Price is Approaching Support

Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average.

However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high.

Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC/USD pair. The pair is now approaching the $34,000 support and the 100 hourly simple moving average.

The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down.

Bitcoin Price

Source: BTCUSD on TradingView.com

In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone.

Fresh Increase in BTC?

If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,000 level and the trend line.

The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,350, followed by $34,000.

Major Resistance Levels – $35,000, $35,500 and $36,000.

0 Like(s)



You should also read...

Altcoins 13/10/20 06:08 by Aayush Jindal
TA: Bitcoin Just Saw Key Technical Correction, But 100 SMA Is Still Strong
Bitcoin price extended its rise above the $11,500 resistance against the US Dollar. BTC is correcting lower from $11,700, but it is likely to find support near the 100 hourly SMA. Bitcoin broke the k...
Read More
Bitcoin 22/10/20 05:48 by Aayush Jindal
TA: Bitcoin Correcting Gains, But Key Uptrend Support Is Nearby
Bitcoin price rallied more than 5%% and it even broke the $13,000 resistance against the US Dollar. BTC is now correcting gains, but there are key supports near $12,500. Bitcoin gained bullish moment...
Read More
Bitcoin 25/11/20 04:48 by Aayush Jindal
TA: Bitcoin Correcting Gains, Key Resistance Turned Support Nearby
Bitcoin price broke to the upside and traded close to $19,500 against the US Dollar. BTC is currently correcting gains, but the previous resistance near $18,800 could provide support. Bitcoin traded ...
Read More
Bitcoin 29/04/21 04:48 by Aayush Jindal
TA: Bitcoin Struggles Near $56K, Here’s Why 100 SMA Is The Key
Bitcoin price spiked above the $56,000 resistance against the US Dollar, but it failed to continue higher. BTC is could correct lower, but the 100 hourly SMA is likely to provide support. Bitcoin ext...
Read More
Bitcoin 18/06/21 05:08 by Aayush Jindal
TA: Bitcoin Trims Gains, What Could Trigger Fresh Drop To $35K
Bitcoin price started a fresh decline after it failed to stay above $40,000 against the US Dollar. BTC is moving lower and it could even decline towards $35,000 in the near term. Bitcoin started a fr...
Read More