Bitcoin value maintains 100 SMA – a strong argument for fresh growth

Bitcoin price is still above the $33,200 support zone. Unless there is a close below the 100-hour SMA and $33,400, BTC could start a fresh rise.

• Bitcoin is still struggling to clear the $35,000 resistance.
• The price is trading above $33,500 and the 100-hour simple moving average.
• There is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• If the pair clears the trend line and then $34,555, it could start a fresh rise.

Bitcoin price finds major support

Bitcoin price failed to gain strength above the $35,000 resistance zone. BTC started a new decline below the $34,500 level. It even dropped below the $34,000 area before the bulls appeared.

There is a low near $33,717 and the price is still well above the 100-hourly simple moving average. It is slowly rising above the $34,000 level. There was a break above the 23.6% Fibonacci retracement level of the downside move from high $35,140 to low $33,717.

Bitcoin is now trading above $33,650 and the 100-hour simple moving average. On the positive side, immediate resistance lies near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly charts of the BTC/USD pair.

The next major resistance could be near $34,550 or the 61.8% Fibonacci retracement level of the downside move from the high of $35,140 to the low of $33,717. The main resistance is still near the $35,000 area.

Source: BTCUSD on tradingview.com

A clear move above the $35,000 resistance could trigger another bounce. The next major resistance could be $36,500. Any further gains could take BTC to the $38,000 level in the coming days.

Another decline in BTC?

If Bitcoin fails to rise above the $34,550 resistance zone, it could start another decline. On the downside, immediate support is near the $33,700 level.

The next major support is near the $33,400 level and the 100-hour simple moving average. If there is a move below the 100 hourly simple moving average, there is a risk of more downside. In the mentioned case, the price may drop to the $31,500 level in the coming sessions.

Technical Indicators:

Hourly MACD – MACD is now losing momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $33,700, followed by $33,400.

Key resistance levels – $34,120, $34,550, and $35,000.

source: www.newsbtc.com