{"id":467022,"date":"2021-07-07T03:08:36","date_gmt":"2021-07-07T03:08:36","guid":{"rendered":"https:\/\/wncen.com\/?p=467022"},"modified":"2024-06-11T13:56:53","modified_gmt":"2024-06-11T13:56:53","slug":"bitcoin-consolidates-below-35k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidates-below-35k\/","title":{"rendered":"TA: Bitcoin Consolidates Below $35K, What Could Trigger Fresh Rally"},"content":{"rendered":"
Bitcoin price is holding gains above the $33,000 support zone against the US Dollar. BTC could start a fresh increase as long as it is above the $33,000 zone.<\/em><\/p>\n Bitcoin spiked higher above the $35,000 resistance<\/a>, but it failed to extend gains. BTC traded as high as $35,130 before it started a fresh downside correction.<\/p>\n There was a break below the $34,500 support level and the 100 hourly simple moving average<\/a>. It even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33,594 and the price is now consolidating losses.<\/p>\n It climbed above the 23.6% Fib retracement level of the recent drop from the $35,130 swing high to $33,594 low. It seems like there is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC\/USD pair.<\/p>\n <\/a><\/p>\n If bitcoin price fails to stay above the triangle support and then $33,600, there could be a sharp decline. The next major support is near the $33,250 level. If there is a downside break below the $33,250 and $33,000 support levels, the price could continue to move down. Any more losses may possibly push the price towards the $32,200 support.<\/p>\n If bitcoin remains stable above the triangle support and the $33,600 zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,500 level and the triangle upper trend line.<\/p>\n The next key resistance is near $35,000, above which the price could attempt a strong increase. If there is a close above the $35,000 resistance zone, the price could rise towards the $36,500 level.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level.<\/p>\n Major Support Levels \u2013 $33,650, followed by $33,000.<\/p>\n Major Resistance Levels \u2013 $34,500, $35,400 and $36,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is holding gains above the $33,000 support zone against the US Dollar. BTC could start a fresh increase as long as it is above the $33,000 zone. Bitcoin corrected lower, but the bulls remained active above the $33,000 zone. The price is now trading just below the $34,500 support and the 100 hourly simple moving average. There is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a decent increase if there is a clear break above $34,500 and $35,000. Bitcoin Price Eyes Fresh Increase Bitcoin spiked higher above the $35,000 resistance, but it failed to extend gains. BTC traded as high as $35,130 before it started a fresh downside correction. There was a break below the $34,500 support level and the 100 hourly simple moving average. It even traded below the $34,000 level, but the bulls were active near the $33,500 level. A low was formed near $33,594 and the price is now consolidating losses. It climbed above the 23.6% Fib retracement level of the recent drop from the $35,130 swing high to $33,594 low. It seems like there is a major contracting triangle forming with support near $33,750 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com If bitcoin price fails to stay above the triangle support and then $33,600, there could be a sharp decline. The next major support is near the $33,250 level. If there is a downside break below the $33,250 and $33,000 support levels, the price could continue to move down. Any more losses may possibly push the price towards the $32,200 support. Fresh Rally in BTC? If bitcoin remains stable above the triangle support and the $33,600 zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $34,500 level and the triangle upper trend line. The next key resistance is near $35,000, above which the price could attempt a strong increase. If there is a close above the $35,000 resistance zone, the price could rise towards the $36,500 level. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is just above the 50 level. Major Support Levels \u2013 $33,650, followed by $33,000. Major Resistance Levels \u2013 $34,500, $35,400 and $36,500.<\/p>\n","protected":false},"author":67,"featured_media":461328,"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-467022","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 Eyes Fresh Increase<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Rally in BTC?<\/h2>\n