TA: Bitcoin Downtrend Intact, Why The Bears Might Aim $32K
08 Mayo 2022 - 10:08PM
NEWSBTC
Bitcoin started a strong decline below the $37,500 support against
the US Dollar. BTC even traded below $35,000 and might continue to
move down towards $32,000. Bitcoin started a strong decline below
the $36,500 and $35,500 levels. The price is now trading below
$35,000 and the 100 hourly simple moving average. There is a key
bearish trend line forming with resistance near $34,200 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
might accelerate further lower below the $33,500 support zone in
the near term. Bitcoin Price Settles Below $35K Bitcoin price
struggled to stay above the $36,000 support zone and extended
downsides. BTC traded below the key $35,500 and $35,000 support
levels to move further into a bearish zone. There was a close below
$35,000 and the 100 hourly simple moving average. The price even
traded below the $34,000 level and traded to a new multi-week low
at $33,700. It is now consolidating losses and showing bearish
signs below $34,000. On the upside, bitcoin price is now facing
resistance near the $34,000 level. The next key resistance
could be near the $34,200 level. There is also a key bearish trend
line forming with resistance near $34,200 on the hourly chart of
the BTC/USD pair. The trend line is near the 23.6% Fib retracement
level of the downward move from the $36,058 swing high to $33,700
low. Source: BTCUSD on TradingView.com The main resistance is now
forming near the $35,000 level. It is near the 50% Fib retracement
level of the downward move from the $36,058 swing high to $33,700
low. To start a fresh increase, the price must settle above the
$35,000 level. More Losses in BTC? If bitcoin fails to clear the
$35,000 resistance zone, it could continue to move down. An
immediate support on the downside is near the $33,700 level. The
next major support is seen near the $33,500 level. A downside break
below the $33,500 support might spark another sharp decline. The
next major support could be $32,500. Any more losses might send the
price towards the $32,000 support zone. Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
below the 50 level. Major Support Levels – $33,500, followed by
$32,000. Major Resistance Levels – $34,000, $34,200 and $35,000.
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