TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

TA: Bitcoin Signaling Further Correction, Why BTC Could Revisit $33K

Bitcoin price failed to clear the $37,500 and $37,800 resistance levels against the US Dollar. BTC is currently moving lower and it could continue to move down towards $34,000 or $33,000.

  • Bitcoin is facing a strong resistance near the $37,800 and $38,000 resistance levels.
  • The price is now trading below the $36,500 support and the 100 hourly simple moving average.
  • There was a break below a major contracting triangle with support near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing bearish signs and it could decline further towards $34,000 or $33,000.

Bitcoin Price is Grinding Lower

After another failed attempt above the $37,000 resistance, bitcoin price started a fresh decline. A swing high was formed near $37,861 before the price corrected lower.

It broke the $37,000 and $36,800 support levels. More importantly, there was a break below a major contracting triangle with support near $36,500 on the hourly chart of the BTC/USD pair. The price is now trading below the $36,500 support and the 100 hourly simple moving average.

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