{"id":454687,"date":"2021-01-18T03:28:37","date_gmt":"2021-01-18T03:28:37","guid":{"rendered":"https:\/\/ktsl888.com\/?p=454687"},"modified":"2024-06-11T14:12:48","modified_gmt":"2024-06-11T14:12:48","slug":"bitcoin-btc-could-dive-below-35k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-btc-could-dive-below-35k\/","title":{"rendered":"TA: Bitcoin Topside Bias Vulnerable, Why BTC Could Dive Below $35K"},"content":{"rendered":"<p><em>Bitcoin price is facing a couple of strong hurdles near $36,750 and $37,800 against the US Dollar. BTC could decline heavily if it breaks the $34,800 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin is struggling to gain bullish momentum above the $36,750 and $38,000 resistance levels.<\/li>\n<li>The price is now trading well below $38,000 and the 100 hourly simple moving average.<\/li>\n<li>There is a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to accelerate lower if it fails to stay above the $34,800 support zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Showing a few Bearish Signs<\/h2>\n<p>After a failed attempt to settle above $38,000, bitcoin price started another decline. BTC broke the <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-btc-revisits-40k\/\" target=\"_blank\" rel=\"noopener \">$36,400 and $35,500 support levels<\/a> to move into a short-term bearish zone.<\/p>\n<p>The price even spiked below $34,500 and settled below the 100 hourly simple moving average. A low was formed near $33,930 before the price started a decent upward move. It climbed above $35,500, but it seems to be facing a strong resistance near $36,750.<\/p>\n<p>A high is formed near $36,888 and the price is currently showing a few <a href=\"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-btc-could-dive-to-32k\/\" target=\"_blank\" rel=\"noopener \">bearish signs<\/a>. It already traded below the 23.6% Fib retracement level of the recent wave from the $33,930 low to $36,888 high.<\/p>\n<p><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-454688\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=1828 1828w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2021\/01\/Bitcoin-13.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<pre>Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/pre>\n<p>There is also a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC\/USD pair. On the downside, an initial support is near the $35,800 level and a connecting bullish trend line. A clear break below $35,800 might call for a test of $35,400.<\/p>\n<p>The 50% Fib retracement level of the recent wave from the $33,930 low to $36,888 high is at $35,400 to provide support. Any more losses could accelerate the decline and bitcoin price might dive below $35,000 and $34,500. In the stated case, there is a risk of a break below the $34,000 support zone.<\/p>\n<h2>Chances of an Upside Break in BTC<\/h2>\n<p>If bitcoin stays above the $35,800 and $35,400 support levels, there are chances of an upside break. The first major resistance is near the $36,750 level.<\/p>\n<p>The main resistance is now forming near the $37,800 and $38,000 levels. A close above the $38,000 level is must to start a strong increase towards $40,000 or even higher in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $35,400, followed by $34,000.<\/p>\n<p>Major Resistance Levels \u2013 $36,750, $37,800 and $38,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is facing a couple of strong hurdles near $36,750 and $37,800 against the US Dollar. BTC could decline heavily if it breaks the $34,800 support zone. Bitcoin is struggling to gain bullish momentum above the $36,750 and $38,000 resistance levels. The price is now trading well below $38,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate lower if it fails to stay above the $34,800 support zone. Bitcoin Price Showing a few Bearish Signs After a failed attempt to settle above $38,000, bitcoin price started another decline. BTC broke the $36,400 and $35,500 support levels to move into a short-term bearish zone. The price even spiked below $34,500 and settled below the 100 hourly simple moving average. A low was formed near $33,930 before the price started a decent upward move. It climbed above $35,500, but it seems to be facing a strong resistance near $36,750. A high is formed near $36,888 and the price is currently showing a few bearish signs. It already traded below the 23.6% Fib retracement level of the recent wave from the $33,930 low to $36,888 high. Source: BTCUSD on TradingView.com There is also a major bearish trend line forming with resistance near $36,400 on the hourly chart of the BTC\/USD pair. On the downside, an initial support is near the $35,800 level and a connecting bullish trend line. A clear break below $35,800 might call for a test of $35,400. The 50% Fib retracement level of the recent wave from the $33,930 low to $36,888 high is at $35,400 to provide support. Any more losses could accelerate the decline and bitcoin price might dive below $35,000 and $34,500. In the stated case, there is a risk of a break below the $34,000 support zone. Chances of an Upside Break in BTC If bitcoin stays above the $35,800 and $35,400 support levels, there are chances of an upside break. The first major resistance is near the $36,750 level. The main resistance is now forming near the $37,800 and $38,000 levels. A close above the $38,000 level is must to start a strong increase towards $40,000 or even higher in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is struggling to stay above the 50 level. Major Support Levels \u2013 $35,400, followed by $34,000. Major Resistance Levels \u2013 $36,750, $37,800 and $38,000.<\/p>\n","protected":false},"author":67,"featured_media":454689,"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-454687","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<title>TA: Bitcoin Topside Bias Vulnerable, Why BTC Could Dive Below $35K<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a couple of strong hurdles near $36,750 and $37,800. 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Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis. From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. 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