{"id":467170,"date":"2021-07-09T03:08:27","date_gmt":"2021-07-09T03:08:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=467170"},"modified":"2024-06-11T11:53:33","modified_gmt":"2024-06-11T11:53:33","slug":"bitcoin-reaches-key-juncture-32-2k","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-reaches-key-juncture-32-2k\/","title":{"rendered":"TA: Bitcoin Reaches Key Juncture, Why BTC Could Struggle To Recover"},"content":{"rendered":"
Bitcoin price extended its decline below the $33,500 support against the US Dollar. BTC is now consolidating above $32,200, below which it could accelerate lower.<\/em><\/p>\n Bitcoin failed to stay above the $33,500 support and it extended its decline. BTC even broke the $33,000 support zone and it settled well below the 100 hourly simple moving average<\/a>.<\/p>\n The price even spiked below $32,200, but there was no follow through move. It is now consolidating losses above the $32,200 support zone<\/a>. It is now approaching the 23.6% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low.<\/p>\n There is also a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC\/USD pair. The triangle support is near the $32,200 zone.<\/p>\n <\/a><\/p>\n Therefore, the first major support is near the $32,200 zone. The next key support is near the $32,000 level. If bitcoin price fails to stay above the $32,000 support, there could be a sharp decline. The next major support is near the $30,500 level. Any more losses might push the price below the main $30,000 support zone in the near term.<\/p>\n If bitcoin remains stable above the $32,000 support zone, it could start an upside correction. An immediate resistance on the upside is near the $33,000 level.<\/p>\n The first major resistance is near $33,500. It is near the 50% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low. If there is a close above the $33,500 resistance zone, the price could rise towards the $34,000 resistance. The main hurdle is still near the $35,000 zone.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now rising towards the 50 level.<\/p>\n Major Support Levels \u2013 $32,000, followed by $31,200.<\/p>\n Major Resistance Levels \u2013 $33,000, $33,500 and $34,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price extended its decline below the $33,500 support against the US Dollar. BTC is now consolidating above $32,200, below which it could accelerate lower. Bitcoin started a fresh decline below the $33,500 and $33,200 support levels. The price is now trading below the $33,000 support and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could correct higher, but the bulls are likely to face resistance near $33,500. Bitcoin Price Testing Key Support Bitcoin failed to stay above the $33,500 support and it extended its decline. BTC even broke the $33,000 support zone and it settled well below the 100 hourly simple moving average. The price even spiked below $32,200, but there was no follow through move. It is now consolidating losses above the $32,200 support zone. It is now approaching the 23.6% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC\/USD pair. The triangle support is near the $32,200 zone. Source: BTCUSD on TradingView.com Therefore, the first major support is near the $32,200 zone. The next key support is near the $32,000 level. If bitcoin price fails to stay above the $32,000 support, there could be a sharp decline. The next major support is near the $30,500 level. Any more losses might push the price below the main $30,000 support zone in the near term. Upsides Limited in BTC? If bitcoin remains stable above the $32,000 support zone, it could start an upside correction. An immediate resistance on the upside is near the $33,000 level. The first major resistance is near $33,500. It is near the 50% Fib retracement level of the recent decline from the $35,975 swing high to $32,150 low. If there is a close above the $33,500 resistance zone, the price could rise towards the $34,000 resistance. The main hurdle is still near the $35,000 zone. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now rising towards the 50 level. Major Support Levels \u2013 $32,000, followed by $31,200. Major Resistance Levels \u2013 $33,000, $33,500 and $34,000.<\/p>\n","protected":false},"author":67,"featured_media":462606,"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-467170","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\n
Bitcoin Price Testing Key Support<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Upsides Limited in BTC?<\/h2>\n