Bitcoin price is correcting gains and it is trading well below $35,000 against the US Dollar. BTC could decline further if it stays below $34,400.
- Bitcoin started a downside correction below the $35,000 and $34,000 levels.
- The price is now trading below the $34,000 support and the 100 hourly simple moving average.
- There is a key contracting triangle forming with support near $33,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further if it breaks the $33,600 and $33,500 support levels.
Bitcoin Price Remains At Risk
Bitcoin failed to climb above the $36,000 zone and it is started a fresh decline. BTC traded below the $35,000 and $34,500 support levels to move into a bearish zone.
The price even broke the $34,000 level and settled below the 100 hourly simple moving average. A low was formed near $33,103 and the price is now consolidating losses. It recovered above the 23.6% Fib retracement level of the recent decline from the $35,950 swing high to $33,100 low.
Source:In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $32,200 support. The next major supports sits near the $31,200 level.