TA: Improvement in Bitcoin Eyes, Here's Why BTC Could Be Closer to $35,000

Bitcoin price extended its decline and tested the $31,500 region against the US Dollar. BTC is now making up for losses, but will likely face sellers around $34,000 and $35,000. Bitcoin remained in the bearish zone and even broke the $32,000 support zone. The price is currently trading well below $35,000 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to correct higher, but the bears may avoid gains above $35,000 in the near term. Bitcoin Price Could Recover Losses Bitcoin struggled to stay above the $33,000 zone and continued its decline. BTC broke the $32,500 and $32,000 support levels to move into the bearish zone. The price even settled below the $31,500 level and settled well below the 100 hourly simple moving average. It was trading as low as $31,310 and it recently started an upside correction. Bitcoin now climbed above the $32,000 and $32,500 resistance levels. There was also a break above the 23.6% Fib retracement level from the recent $36,170 low to $31,310 low. An initial resistance on the upside is near the $33,800 level (recent discomfort zone). The 50% Fib retracement level of the recent decline from the $36,170 high to $31,310 low is also near $33,800. The main resistance is currently forming near the $35,000 level and the 100 easy-moving hourly average. There is also a major bearish trend line forming with resistance near $35,100 on the hourly chart of the BTC/USD pair. Source: BTCUSD at TradingView.com Therefore, bitcoin bulls are likely to face major resistance near the $35,000 zone and the 100 hourly SMA. The next major resistance on the upside is $36,200. Losing more in BTC? If bitcoin fails to break the $33,800 resistance or the trendline resistance, it could continue to decline. An immediate support on the downside is near the $32,000 level. next big boost

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