Bitcoin price is still above the $33,200 support zone. BTC could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400.
- Bitcoin is still struggling to clear the $35,000 resistance.
- The price is trading above $33,500 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase if it clears the trend line and then $34,555.
Bitcoin Price Holds Key Support
Bitcoin price failed to gain strength for a close above the $35,000 resistance zone. BTC started a fresh decline below the $34,500 level. There was a move below the $34,000 zone as well before the bulls appeared.
A low is formed near $33,717 and the price is still well above the 100 hourly Simple moving average. It is slowly moving higher above the $34,000 level. There was a break above the 23.6% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low.Bitcoin is now trading above $33,650 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair.
The next key resistance could be near $34,550 or the 61.8% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low. The main resistance is still near the $35,000 zone.
