Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

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Bitcoin price failed to hit the $ 37,500 and $ 37,800 resistance levels against the US dollar. BTC is currently moving down and could continue falling towards $ 34,000 or $ 33,000.

  • Bitcoin faces strong resistance near the USD 37,800 and USD 38,000 resistance levels.
  • The price is now trading below the $ 36,500 support and the 100 hour simple moving average.
  • The hourly chart of the BTC / USD pair (data feed from Kraken) broke below a large contraction triangle with support near USD 36,500.
  • The pair is showing bearish signs and could continue falling towards $ 34,000 or $ 33,000.

Bitcoin price is lower

After another failed attempt above the USD 37,000 resistance, Bitcoin price began to decline again. A swing high was formed near $ 37,861 before the price was corrected lower.

It broke the $ 37,000 and $ 36,800 support levels. More importantly, there was a break below a large contraction triangle on the hourly chart for the BTC / USD pair with support near USD 36,500. The price is now trading below the $ 36,500 support and the 100 hour simple moving average.

Initial support on the downside is near the $ 35,850 level. It is close to the 50% fib retracement level of the move up from the low of $ 33,878 to the high of $ 37,861.

Source: BTCUSD on TradingView.com

If Bitcoin price doesn’t stay above the $ 38,850 support, it could continue to decline towards $ 35,000. The next major support is near the $ 34,800 level, below which the price is likely to fall towards the $ 33,200 support zone in the coming sessions.

New rise in BTC?

When Bitcoin begins a new upward move, initial resistance will be near the $ 36,350 level and the 100 hour simple moving average. The first major resistance is near the $ 36,800 level (the most recent default zone).

The main resistance on the upside is still above the $ 37,000 zone at $ 37,500 and $ 37,800. A successful close above the $ 37,000 resistance and then a move above the $ 37,500 level could open the doors to a larger rise in the short 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 now well below the 50 level.

Major Support Levels – $ 35,800 followed by $ 34,800.

Main Resistance Levels – $ 36,800, $ 37,000, and $ 37,500.