TA: Bitcoin Struggles Below $32K, Why Downtrend Could Resume
10 Mayo 2022 - 10:08PM
NEWSBTC
Bitcoin attempted a recovery wave above $32,000 against the US
Dollar. BTC is struggling and remains at a risk of more losses
below $30,000. Bitcoin started a short-term recovery wave after it
tested the $30,000 zone. The price is now trading below $31,500 and
the 100 hourly simple moving average. There is a major bearish
trend line forming with resistance near $31,400 on the hourly chart
of the BTC/USD pair (data feed from Kraken). The pair might resume
decline if it stays below the $32,400 resistance zone. Bitcoin
Price Faces Hurdles Bitcoin price extended downsides below the
$32,000 level. BTC even tested the $30,000 support zone and traded
as low as $29,755. Recently, there was an upside correction above
the $31,000 level. The price was able to climb above the 23.6% Fib
retracement level of the key drop from the $36,059 swing high to
$29,755 low. The bulls were able to push the price above the
$32,000 resistance. However, they faced a strong resistance near
the $32,650 zone. Bitcoin remained below the 50% Fib retracement
level of the key drop from the $36,059 swing high to $29,755 low.
The price is now trading below $31,500 and the 100 hourly simple
moving average. There is also a major bearish trend line forming
with resistance near $31,400 on the hourly chart of the BTC/USD
pair. On the upside, bitcoin price is facing resistance near the
$31,250 level. Source: BTCUSD on TradingView.com The next key
resistance could be near the $31,400 level. The key breakout zone
could be near the $32,650 zone. A clear move above the $32,400 and
$32,650 levels might start a steady increase in the near term. More
Losses in BTC? If bitcoin fails to clear the $32,400 resistance
zone, it could continue to move down. An immediate support on the
downside is near the $30,500 level. The next major support is seen
near the $30,000 level. A downside break and close below the
$30,000 support might start another decline. The next major support
could be $29,500, below which the bears might aim a move towards
the $28,800 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 – $30,500, followed by $30,000. Major
Resistance Levels – $31,250, $32,400 and $32,650.
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