Bitcoin price is showing recovering signs above $32,000 against the US Dollar. BTC is facing an uphill task at $34,000 and it is likely to continue lower towards $30,000.
- Bitcoin is correcting higher from $28,865 and it is trading above the $32,000 resistance.
- The price is facing a strong resistance near $34,000 and the 100 simple moving average (4-hours).
- There is a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair could face a strong resistance near the $33,800 and $34,000 levels in the near term.
Bitcoin Price Remains At Risk
This past week, bitcoin price saw a sharp decline below the $35,000 and $34,000 support levels against the US Dollar. The BTC/USD pair even tumbled below the $30,000 support and settled well below the 100 simple moving average (4-hours).
A low was formed near $28,800 before the price started an upside correction. It broke the $30,000 level and it even recovered above the $31,500 level.There was also a test of the 50% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low. There is also a short-term contracting triangle forming with resistance near $33,000 on the 4-hours chart of the BTC/USD pair.
Source:If there is a triangle break, the price could face hurdles near the $33,800 and $34,000 levels. There is also a key bearish trend line forming near $34,500 on the same chart. It is close to the 61.8% Fib retracement level of the downward move from the $37,847 swing high to $28,867 low.
