TA: Why Bitcoin Topside Bias Vulnerable If It Continues To Struggle Below $35K

Bitcoin price made another attempt to clear $35,000, but it failed against the US Dollar. BTC is currently consolidating above the $33,000 support zone, with a few positive signs.

  • Bitcoin is still facing a strong resistance near the $34,850 and $35,000 levels.
  • The price is currently holding the key $33,000 support level and testing the 100 hourly simple moving average.
  • There is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could make another attempt to surpass $35,000 if it clears the $34,500 resistance level.

Bitcoin Price Is Stuck Below $35,000

After a strong surge, bitcoin price trimmed most its gains and settled below $35,000. BTC even spiked below the $34,000 support level and the 100 hourly simple moving average.

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A low is formed near $32,178 and the price is currently correcting higher. There was a break above the 23.6% downward move from the $38,590 swing high to $32,178 low. Bitcoin is now holding the key $33,000 support level and testing the 100 hourly simple moving average.

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It seems like there is a key contracting triangle forming with resistance near $34,500 on the hourly chart of the BTC/USD pair. The next major resistance above the triangle is near the $34,850 level.

Source: BTCUSD on TradingView.com

If there is a clear break above the triangle resistance and $34,850, the price could clear the $35,000 barrier. The next key resistance is near the $35,380 level. It is close to the 50% downward move from the $38,590 swing high to $32,178 low.

A successful break above the $35,000 resistance level with a follow up move above $35,380 could open the doors for a larger increase in the coming sessions. The next major resistance for bitcoin sits at $36,150.

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Fresh Downside Break in BTC?

If bitcoin fails to clear the $34,500 resistance zone, there is a risk of a fresh bearish wave. An initial support is near the $33,000 level and the triangle lower trend line.

A downside break below the triangle support trend line could push the price towards the $32,150 and $32,000 support levels. Any more losses could lead the price towards the $31,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

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

Major Support Levels – $33,000, followed by $32,150.

Major Resistance Levels – $34,500, $35,000 and $35,380.

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Author: Aayush Jindal

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