{"id":454935,"date":"2021-01-21T03:38:52","date_gmt":"2021-01-21T03:38:52","guid":{"rendered":"https:\/\/wncen.com\/?p=454935"},"modified":"2024-06-11T14:12:52","modified_gmt":"2024-06-11T14:12:52","slug":"bitcoin-struggles-below-36k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-struggles-below-36k\/","title":{"rendered":"TA: Bitcoin Struggles Below $36K, Why BTC Could Extend Losses"},"content":{"rendered":"
Bitcoin price is showing bearish signs below $35,800 and $36,000 against the US Dollar. BTC is likely to continue lower below the $34,000 and $33,000 support levels in the near term.<\/em><\/p>\n Yesterday, we discussed the chances of a break towards $33,000 in bitcoin price<\/a>. BTC did follow a bearish path below the $35,000 support and it broke the $34,000 support level.<\/p>\n It traded as low as $33,396 and settled well below the 100 hourly simple moving average. Recently, there was an upside correction above the $34,000 level. The price climbed above the 23.6% Fib retracement level of the key decline<\/a> from the $37,837 high to $33,396 low.<\/p>\n Bitcoin price even climbed above the $35,000, but it struggled to clear the $35,800 resistance. It seems like the price failed to clear the 50% Fib retracement level of the key decline from the $37,837 high to $33,396 low.<\/p>\n <\/a><\/p>\n The price is now gaining bearish momentum below $35,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $34,550 on the hourly chart of the BTC\/USD pair. If there is a clear break below the channel support, the price might decline sharply below the $34,000 support.<\/p>\n The next key support is near the $33,300 and $33,250 levels, below which the bears are likely to aim a test of the $32,000 level.<\/p>\n If bitcoin starts a fresh upward move, an initial resistance is near the $35,200 level. The first major resistance is near the $35,800 level and the 100 hourly simple moving average.<\/p>\n To move into a positive zone, the price must clear the $35,800 and $36,000 resistance levels. A successful close above the $36,000 resistance could open the doors for a push towards the $37,500 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now close to the 40 level.<\/p>\n Major Support Levels \u2013 $34,000, followed by $33,300.<\/p>\n Major Resistance Levels \u2013 $35,800, $36,000 and $37,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is showing bearish signs below $35,800 and $36,000 against the US Dollar. BTC is likely to continue lower below the $34,000 and $33,000 support levels in the near term. Bitcoin is trading in a bearish zone below the $35,800 and $36,000 resistance levels. The price is gaining bearish momentum below $35,500 and the 100 hourly simple moving average. There is a key rising channel forming with support near $34,550 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could accelerate losses once it breaks the $34,500 and $34,000 support levels. Bitcoin Price Turns Short-Term Bearish Yesterday, we discussed the chances of a break towards $33,000 in bitcoin price. BTC did follow a bearish path below the $35,000 support and it broke the $34,000 support level. It traded as low as $33,396 and settled well below the 100 hourly simple moving average. Recently, there was an upside correction above the $34,000 level. The price climbed above the 23.6% Fib retracement level of the key decline from the $37,837 high to $33,396 low. Bitcoin price even climbed above the $35,000, but it struggled to clear the $35,800 resistance. It seems like the price failed to clear the 50% Fib retracement level of the key decline from the $37,837 high to $33,396 low. Source: BTCUSD on TradingView.com The price is now gaining bearish momentum below $35,500 and the 100 hourly simple moving average. There is also a key rising channel forming with support near $34,550 on the hourly chart of the BTC\/USD pair. If there is a clear break below the channel support, the price might decline sharply below the $34,000 support. The next key support is near the $33,300 and $33,250 levels, below which the bears are likely to aim a test of the $32,000 level. Fresh Increase in BTC? If bitcoin starts a fresh upward move, an initial resistance is near the $35,200 level. The first major resistance is near the $35,800 level and the 100 hourly simple moving average. To move into a positive zone, the price must clear the $35,800 and $36,000 resistance levels. A successful close above the $36,000 resistance could open the doors for a push towards the $37,500 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now close to the 40 level. Major Support Levels \u2013 $34,000, followed by $33,300. Major Resistance Levels \u2013 $35,800, $36,000 and $37,500.<\/p>\n","protected":false},"author":67,"featured_media":454937,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-454935","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Turns Short-Term Bearish<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Increase in BTC?<\/h2>\n