Bitcoin Price Consolidates Below $35K – Here’s What Could Trigger Bearish Reaction

2023-10-30 03:38:07

Bitcoin price attempted a fresh increase above the $34,500. BTC could start a major downside correction if there is a close below the 100 hourly SMA.

Bitcoin is still struggling to clear the $35,000 resistance.
The price is trading above $34,200 and the 100 hourly Simple moving average.
There is a key rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline sharply if there is a close below $34,000 and then $33,400.

Bitcoin Price Holds Key Support

Bitcoin price started another increase above the $34,200 resistance zone. BTC climbed higher toward the $35,000 resistance zone, but there was lack of momentum.

The price traded as high as $34,758 and struggled to continue higher. It is now correcting gains below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high.

Bitcoin is now trading above $34,200 and the 100 hourly Simple moving average. There is also a key rising channel forming with support near $34,300 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $34,500 level. The next key resistance could be near $34,750 or the channel upper trend line. The main resistance is still near the $35,000 zone. A clear move above the $35,000 resistance might start another steady increase.

Source: BTCUSD on TradingView.com

The next key resistance could be $35,500, above which the price could test $36,200. Any more gains might send BTC toward the $36,500 level in the near term.

Downside Correction In BTC?

If Bitcoin fails to rise above the $34,750 resistance zone, it could start another decline. Immediate support on the downside is near the $34,200 level and the 100 hourly Simple moving average.

The next major support is near the $34,000 level or the 50% Fib retracement level of the upward move from the $33,318 swing low to the $34,758 high. If there is a move below $34,000, there is a risk of more downsides. In the stated case, the price could decline toward the $33,400 level or even $32,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $34,200, followed by $34,000.

Major Resistance Levels – $34,500, $34,750, and $35,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.