Bitcoin price extended its decline below the $33,500 support against the US Dollar. BTC is now consolidating above $32,200, below which further declines could accelerate. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin started a fresh decline below the $33,500 and $33,200 support levels.
  • The price is now trading below the $33,000 support and the 100 hourly simple moving average.
  • There is a short term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair could correct further upside, but the bulls are likely to face resistance near $33,500.

Bitcoin (BTC) Tests Significant Support

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Bitcoin failed to stay above the $33,500 support and extended its decline. BTC even broke the $33,000 support zone and settled well below the 100 hourly simple moving average.

The price even declined below $32,200 but did not continue. It is currently consolidating losses above the $32,200 support zone. It is currently approaching the 23.6% Fib retracement level of the decline from the $35,975 low to $32,150 high.

There is also a short term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC/USD pair. Formation support is near the $32,200 region.

Therefore, the first major support is near the $32,200 area. The next key support is near the $32,000 level. If bitcoin price fails to stay above the $32,000 support, there could be a steep drop. The next major support is near the $30,500 level. Any more losses could push the price below the key $30,000 support area in the near term.

Will Bitcoin (BTC) Rise?

If bitcoin stays stable above the $32,000 support zone, it could start an upside correction. An immediate resistance on the upside is near the $33,000 level.

The first major resistance is near $33,500. This is close to the 50% Fib retracement level of the decline from the $35,975 low to $32,150 high. If there is a close above the $33,500 resistance zone, the price could rally towards the $34,000 resistance. The main hurdle is still near the $35,000 zone.

Technical Indicators

  • Hourly MACD – The MACD is now losing momentum in the bearish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now rising towards the 50 level.
  • Major Support Levels – $32,000, then $31,200
  • Major Resistance Levels – $33,000, 33,500 and $34,000