The price of Bitcoin is currently trading flat between $34,500 and $34,000. If BTC can successfully break through the $35,350 resistance level, a new rally could begin.
Bitcoin is currently still struggling to break above the $35,250 and $35,350 critical levels.
The price is currently trading near $34,850 and it is close to the 100 hourly simple moving average.
There is a clear major contracting triangle forming with support around $34,250 on the hourly chart of the BTC/USD pair (data source from Kraken).
If bitcoin can successfully break the $35,350 resistance level, the pair is likely to gain upside momentum.
Bitcoin price fluctuates in a range
Bitcoin price is currently remaining in a trading range above the $34,000 support area. BTC is attempting to break out of the $35,000 resistance level again, although there is still bearish pressure near the $35,250 and $35,350 levels.
The bulls have made several attempts to break the $35,250 resistance but have been unsuccessful. The price formed a high near $35,382 and then started a downside correction. The price declined below the $35,000 level and settled below the 50% Fibonacci retracement level of the uptrend from the $34,133 swing low to $35,382 high.
Bitcoin is currently trading near $34,850 and it is trading near the 100 hourly simple moving average. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The support of this triangle is near the 76.4% Fibonacci retracement level of the uptrend from the $34,133 swing low to $35,382 high.
On the positive side, there is an immediate resistance level near $35,000. The next key resistance could be located at $35,050 or near the upper trendline of the triangle. If the $35,050 resistance is successfully crossed, it could open the doors for a further challenge at the $35,250 resistance.
Source: BTCUSD on TradingView
The next key resistance could be around $35,350. Once this key level is successfully crossed, the Bitcoin price could rise to $36,000. If the rally continues, then Bitcoin could rise to the $36,200 level.
Will Bitcoin continue to decline?
If bitcoin fails to clear the $35,000 resistance, then it is likely to continue to decline. The immediate support on the downside is near the $34,600 low.
The next major support is located near the $34,250 area, which is also near the lower trendline of the triangle. If the price breaks below $34,250, there will be a risk of further downside. In such a case, the price might even fall below the $34,000 support in the near term.
Technical indicators:
Hourly MACD – The MACD is currently rapidly declining in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Major Support Level – $34,600, Minor Support Level – $34,250.
Major Resistance Levels – $35,000, $35,250 and $35,350.
