{"id":466839,"date":"2021-07-05T03:08:36","date_gmt":"2021-07-05T03:08:36","guid":{"rendered":"https:\/\/uniquehot.com\/?p=466839"},"modified":"2024-06-11T13:56:49","modified_gmt":"2024-06-11T13:56:49","slug":"bitcoin-correcting-gains-34k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-correcting-gains-34k\/","title":{"rendered":"TA: Bitcoin Correcting Gains, What Could Trigger Fresh Rally"},"content":{"rendered":"
Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term.<\/em><\/p>\n Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average<\/a>.<\/p>\n However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high.<\/p>\n Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair. The pair is now approaching the $34,000 support<\/a> and the 100 hourly simple moving average.<\/p>\n The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down.<\/p>\n <\/a><\/p>\n In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone.<\/p>\n If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,000 level and the trend line.<\/p>\n The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $34,350, followed by $34,000.<\/p>\n Major Resistance Levels \u2013 $35,000, $35,500 and $36,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is correcting gains from well above $35,000 against the US Dollar. BTC is likely to find a strong support near the $34,000 zone in the near term. Bitcoin started a downside correction from the $36,000 zone. The price is now approaching the $34,000 support and the 100 hourly simple moving average. There was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near $34,000 and the 100 hourly SMA. Bitcoin Price is Approaching Support Bitcoin climbed higher above the $34,000 and $35,000 resistance levels. BTC even broke the $35,500 level and the 100 hourly simple moving average. However, the price failed to clear the $36,000 zone. A high was formed near $35,918 before the price started a fresh decline. The price traded below the $35,500 and $35,000 levels. There was a break below the 23.6% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high. Moreover, there was a break below a major bullish trend line with support near $35,000 on the hourly chart of the BTC\/USD pair. The pair is now approaching the $34,000 support and the 100 hourly simple moving average. The 50% Fib retracement level of the upward wave from the $32,735 swing low to $35,920 high is also near the $34,350 zone. The next key support is near the $34,000 zone. If there is a downside break below the $34,350 and $34,000 support levels, the price could continue to move down. Source: BTCUSD on TradingView.com In the stated case, the price might decline towards the $32,500 zone. Any more losses may possibly push the price towards the $31,200 support zone. Fresh Increase in BTC? If bitcoin remains stable above the $34,000 support zone, it could start a fresh increase in the near term. An immediate resistance on the upside is near the $35,000 level and the trend line. The next key resistance is near $35,250, above which the price could test the $36,000 barrier. Any more gains could lift the price towards the $37,000 resistance. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $34,350, followed by $34,000. Major Resistance Levels \u2013 $35,000, $35,500 and $36,000.<\/p>\n","protected":false},"author":67,"featured_media":460369,"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-466839","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 is Approaching Support<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Increase in BTC?<\/h2>\n