TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase

Bitcoin price started a downside correction after it broke $39,000 against the US Dollar. BTC tested the key $35,000 support and it is currently consolidating losses.

  • Bitcoin started a downside correction below the $39,000 и $38,000 уровни поддержки.
  • The price is now trading well below $38,000 и 100 почасовая простая скользящая средняя.
  • There was a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is holding a major support near $35,000, below which it could dive another $2,000.

Bitcoin Price Corrects Lower

After forming a short-term top near the $42,000 уровень, bitcoin price started a downside correction. BTC broke a couple of important supports near the $40,000 level to start the current correction.

There was also a break below a key contracting triangle with support near $40,000 on the hourly chart of the BTC/USD pair. The pair settled well below the $38,000 уровень и 100 почасовая простая скользящая средняя.

Bitcoin Price

Источник: BTCUSD на TradingView.com

There was also a spike below the 50% Fib retracement level of the upward move from the $29,894 swing low to $42,068 swing high. тем не мение, the bulls were seen active near the $35,000 support zone (the last key breakout zone).

The next major support is near the $34,500 уровень. Это близко к 61.8% Fib retracement level of the upward move from the $29,894 swing low to $42,068 swing high. If bitcoin fails to stay above the $35,000 и $34,500 уровни поддержки, it could start another decline. The next major support below $34,500 is near the $32,000 уровень.

Fresh Increase in BTC?

If bitcoin stays above the $34,500 и $35,000 уровни поддержки, it could start a fresh increase. An initial resistance on the upside is near the $37,800 уровень. There is also a contracting triangle forming with resistance near $38,000.

Четкий разрыв над $37,800 и $38,000 resistance levels may possibly spark a bullish wave. The next key resistance is near the $39,200 уровень и 100 почасовая простая скользящая средняя (the recent breakdown zone). A close above $39,200 might increase the chances of a fresh wave towards the $42,000 уровень.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Почасовой RSI (Индекс относительной силы) – The RSI for BTC/USD dipped below the 40 уровень.

Основные уровни поддержки - $35,000, followed by $34,500.

Основные уровни сопротивления - $37,800, $38,000 и $39,200.

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Источник: Newsbtc

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