HomeBITCOINPossible Trigger for Bearish Reaction as Bitcoin Price Consolidates Below $35K

Possible Trigger for Bearish Reaction as Bitcoin Price Consolidates Below $35K

Published on

Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.

Bitcoin is still struggling to clear the $35,000 resistance.
The price is trading above $34,200 and the 100 hourly Simple moving average.
There is a key rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline sharply if there is a close below $34,000 and then $33,400.

Bitcoin Price Holds Key Support

Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the $35,000 resistance zone, but there was lack of momentum.

The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.

Bitcoin is now trading above $34,200 and the 100 hourly Simple moving average. There is also a key rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $34,500 level. The next key resistance could be near $34,750 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start another steady increase.

Source: BTCUSD on TradingView.com

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level in the near term.

Downside Correction In BTC?

If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the 100 hourly Simple moving average.

The next major support is near the $34,000 level or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $32,500.

Technical indicators:

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

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

Major Support Levels – $34,200, followed by $34,000.

Major Resistance Levels – $34,500, $34,750, and $35,000.

Latest articles

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...

What is the difference between NVMe and M.2?

`` Over the last decade, solid-state drives (SSDs) have become the top choice for many...

More like this

Analyst Suggests Ethereum Price Could Surge to $3,100 with Bullish Momentum

Ethereum (ETH), the second-largest cryptocurrency, has seen a significant price increase over the past...

Cboe Digital Announces Plan to Introduce Margin Futures Trading for Bitcoin and Ethereum by 2024

On Nov. 13, Cboe Digital announced that it will soon launch trading and clearing...

Top Trader Predicts Significant Price Increases for Sushi and Apecoin – Check Out His Projections

A crypto strategist says more rallies are up ahead for prominent decentralized exchange (DEX)...
bitcoin
Bitcoin (BTC) $ 61,900.58 0.17%
ethereum
Ethereum (ETH) $ 3,411.49 0.17%
tether
Tether (USDT) $ 1.00 0.03%
bnb
BNB (BNB) $ 410.48 0.86%
solana
Solana (SOL) $ 130.51 1.91%
xrp
XRP (XRP) $ 0.620343 1.38%
staked-ether
Lido Staked Ether (STETH) $ 3,405.62 0.17%
usd-coin
USDC (USDC) $ 1.00 0.20%
cardano
Cardano (ADA) $ 0.72717 0.68%
dogecoin
Dogecoin (DOGE) $ 0.134056 5.01%