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    Home News Bitcoin News

    TA: Bitcoin Struggles Below $35K, Why BTC Could Revisit $30K

    MrG by MrG
    January 15, 2021
    in Bitcoin News
    Reading Time: 3min read
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    TA: Bitcoin Struggles Below $35K, Why BTC Could Revisit $30K
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    Bitcoin price failed to clear the key $36,000 resistance zone against the US Dollar. BTC is showing a few bearish signs and it could continue lower towards $30,000.

    • Bitcoin failed to gain momentum above the 36,000 and $36,200 resistance levels.
    • The price is now struggling below $35,000 and the 100 hourly simple moving average.
    • There is a major bearish trend line forming with resistance near $34,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could continue to move down towards $30,000 as long as it is below $35,000.

    Bitcoin Price is Showing Bearish Signs

    After trading as low as $30,312, bitcoin price started a fresh increase. BTC surpassed the $32,000 and $34,000 resistance levels to move into a positive zone.

    The price even spiked above the $36,000 resistance. However, there was no close above $36,200 and $36,500 (a major hurdle as discussed yesterday). As a result, there was a rejection near $36,500 and the price declined below the $35,000 level.


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    There was a break below the $34,000 level and the 100 hourly simple moving average. The price even broke the 50% Fib retracement level of the upward move from the $30,312 low to $36,617 high.

    Bitcoin PriceBitcoin Price

    Source: BTCUSD on TradingView.com

    There is also a major bearish trend line forming with resistance near $34,600 on the hourly chart of the BTC/USD pair. An initial support on the downside is near the $32,700 level. It is close to the 61.8% Fib retracement level of the upward move from the $30,312 low to $36,617 high.

    The next major support is near the $31,700 level, below which bitcoin price might continue to move down towards the $30,500 and $30,000 levels. Any more losses could lead the price towards the $28,000 support zone.

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    Fresh Increase in BTC?

    To move into a positive zone, bitcoin price needs to clear many hurdles, starting with $34,600. The first major resistance for the bulls is near the $35,000 level.

    The main resistance is still near the $36,000, $36,200 and $36,500 levels. A close above $36,500 is likely to start a fresh rally towards $39,200 and $40,000 in the near term.

    Technical indicators:

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

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is recovering, but it is still below the 50 level.

    Major Support Levels – $32,700, followed by $31,700.

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

    Tags: bitcoinbtcusdBTCUSDTxbtusd

    Read More From Original Source

    Tags: bitcoinBTCUSDbtcusdtxbtusd
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    MrG

    MrG

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