$35,000 support zone<\/a> (the last key breakout zone).<\/p>\nThe next major support is near the $34,500 level. It is close to the 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 and $34,500 support levels, it could start another decline. The next major support below $34,500 is near the $32,000 level.<\/p>\n
Fresh Increase in BTC?<\/h2>\n If bitcoin stays above the $34,500 and $35,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $37,800 level. There is also a contracting triangle forming with resistance near $38,000.<\/p>\n
A clear break above the $37,800 and $38,000 resistance levels may possibly spark a bullish wave. The next key resistance is near the $39,200 level and the 100 hourly simple moving average (the recent breakdown zone). A close above $39,200 might increase the chances of a fresh wave towards the $42,000 level.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD dipped below the 40 level.<\/p>\n
Major Support Levels \u2013 $35,000, followed by $34,500.<\/p>\n
Major Resistance Levels \u2013 $37,800, $38,000 and $39,200.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 and $38,000 support levels. The price is now trading well below $38,000 and the 100 hourly simple moving average. 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 level, 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 level and the 100 hourly simple moving average. Source: BTCUSD on 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. However, 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 level. It is close to the 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 and $34,500 support levels, it could start another decline. The next major support below $34,500 is near the $32,000 level. Fresh Increase in BTC? If bitcoin stays above the $34,500 and $35,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $37,800 level. There is also a contracting triangle forming with resistance near $38,000. A clear break above the $37,800 and $38,000 resistance levels may possibly spark a bullish wave. The next key resistance is near the $39,200 level and the 100 hourly simple moving average (the recent breakdown zone). A close above $39,200 might increase the chances of a fresh wave towards the $42,000 level. Technical indicators: Hourly MACD \u2013 The MACD is gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD dipped below the 40 level. Major Support Levels \u2013 $35,000, followed by $34,500. Major Resistance Levels \u2013 $37,800, $38,000 and $39,200.<\/p>\n","protected":false},"author":67,"featured_media":454137,"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-454135","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
TA: Bitcoin Corrects To $35K, Why BTC Could Start A Fresh Increase<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n