bitcoin price is still above the $33,200 support zone. btc could start a new rise unless there is a close below the 100 hourly SMA and $33,400.
- bitcoin is still struggling to overcome the $35,000 resistance.
- The price is trading above $33,500 and the 100 hourly simple moving average.
- A connecting bearish trend line is forming with resistance near $34,120 on the hourly chart of the btc/USD pair (data feed from Kraken).
- The pair could start a new rise if it breaks the trend line and then $34,555.
bitcoin Price Holds Key Support
bitcoin price failed to gain strength to close above the $35,000 resistance zone. btc started a new decline below the $34,500 level. There was also a move below the $34,000 zone before the bulls emerged.
A low forms near $33,717 and the price is still well above the 100 hourly simple moving average. It is slowly moving above the $34,000 level. There was a break above the 23.6% Fibonacci retracement level of the downside move from the high $35,140 to the low $33,717.
bitcoin is now trading above $33,650 and the 100 hourly simple moving average. On the upside, immediate resistance is near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the btc/USD pair.
The next key resistance could be near $34,550 or the 61.8% Fibonacci retracement level of the downward move from the high of $35,140 to the low of $33,717. The main resistance is still near the zone of 35,000 dollars.
<img decoding="async" class="alignnone size-full wp-image-557771" src="https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468″ alt=”bitcoin price” width=”1024″ height=”468″ srcset=”https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/10/bitcoin-20.png?resize=1024%2C468?w=1140 1140w” sizes=”(max-width: 1000px) 100vw, 1000px” loading=”lazy” data-recalc-dims=”1″/>
Fountain: BTCUSD on TradingView.com
A clear move above the $35,000 resistance could start another rise. The next key resistance could be $36,500. Any further gains could send btc towards the $38,000 level in the coming days.
Another drop in btc?
If bitcoin fails to break above the $34,550 resistance zone, it could start another decline. Immediate downside support is near the $33,700 level.
The next major support is near the $33,400 level and the 100 hourly simple moving average. If there is a move below the 100 hourly simple moving average, there is a risk of further downside. In the given case, the price could fall towards the $31,500 level in the coming sessions.
Technical indicators:
MACD Hourly: 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.
Main support levels: $33,700, followed by $33,400.
Main resistance levels: $34,120, $34,550 and $35,000.
