Bitcoin and Altcoins Show Signs of Additional Losses

Bitcoin price failed to recover above the USD 32,000 and USD 32,400 resistance levels. BTC traded below the USD 31,200 support and is currently (13:00 UTC) showing bearish signs. It seems like the bears are aiming for a downside break below USD 30,000. Similarly, most major altcoins are showing bearish signs. ETH/USD is trading well below USD 1,300 and it could even decline below USD 1,250.

Tron (TRX) Price Analysis: Range Moves Below Key $0.033

  • Tron price is still facing a strong resistance near the $0.0325 and $0.0330 levels against the US Dollar.
  • TRX price is now trading well below $0.0300 and the 55 simple moving average (4-hours).
  • There was a break below a connecting bullish trend line with support near $0.0302 on the 4-hours chart (data feed via Bitfinex).
  • The pair could revisit the $0.0280 support or even $0.0265 in the near term.

TRON price is struggling to gain bullish momentum above $0.0320 against the US Dollar, similar to bitcoin. TRX price could soon retest the main $0.0265 support zone.

Tron Price Analysis

Recently, there was another attempt by TRON price to clear the $0.0325 and $0.0330 resistance levels against the US Dollar. However, TRX price failed to clear the $0.0330 level, formed a high near $0.0327, and recently started a fresh decline.

There was a break below the $0.0310 support level. The bears were able to push the price below the 50% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.

There was also a break below a connecting bullish trend line with support near $0.0302 on the 4-hours chart. The price is now trading well below $0.0300 and the 55 simple moving average (4-hours). It is testing the 61.8% Fib retracement level of the upward move from the $0.0262 swing low to $0.0327 high.

If there is a downside break below the $0.0285 support zone, the price could continue to move down. The next major support is near the $0.0270 level. The main support is still near $0.0265, below which the price could decline heavily in the near term.

On the upside, an initial resistance is near the $0.0300 level and the 55 simple moving average (4-hours). The next key resistance is near the $0.0312 level. The main hurdle on the upside for the bulls is still near the $0.0325 and $0.0330 resistance levels.

To start a fresh increase, the price must clear the $0.0325 and $0.0330 resistance levels. The next major barrier for the bulls could be $0.0365.

Tron (TRX) Price

Tron (TRX) Price

The chart indicates that TRX price is clearly struggling to stay above $0.0285. Overall, the price could revisit the $0.0280 support or even $0.0265 in the near term.

Technical Indicators

4 hours MACD – The MACD for TRX/USD is slowly gaining momentum in the bearish zone.

4 hours RSI – The RSI for TRX/USD is now below the 50 level.

Key Support Levels – $0.0285 and $0.0265.

Key Resistance Levels – $0.0300, $0.0312 and $0.0330.

The post Tron (TRX) Price Analysis: Range Moves Below Key $0.033 appeared first on Live Bitcoin News.

Bitcoin Price Analysis: BTC Could Extend Losses Below $30K

  • Bitcoin price is struggling to clear the $34,000 and $35,000 resistance levels against the US Dollar.
  • The price is now trading well below $34,000 and the 55 simple moving average (4-hours).
  • There are two major bearish trend lines forming with resistance near $34,000 and $34,800 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could decline sharply if it fails to stay above the $30,000 support zone.

Bitcoin price is showing a few bearish signs below $35,000 against the US Dollar. BTC is at a risk of a sharp decline if there is no recovery above $34,000 in the near term.

Bitcoin Price Analysis

In the past few days, there was a bearish wave in bitcoin price below $38,200 against the US Dollar. BTC broke the $35,000 and $34,000 support levels to move into a bearish zone.

The price even broke the $32,000 support level and settled below the 55 simple moving average (4-hours). A low was formed near $28,693 before the price started an upside correction. There was a recovery wave above $32,500 and $33,500.

However, the price struggled to clear the $35,000 resistance and it stayed below the 55 simple moving average (4-hours). A high is formed near $34,856 and the price is currently declining.

There was a break below the 50% Fib retracement level of the upward move from the $28,693 swing low to $34,856 high. Bitcoin price is now holding the $31,000 support level, but it seems to be facing many hurdles on the upside.

There are also two major bearish trend lines forming with resistance near $34,000 and $34,800 on the 4-hours chart of the BTC/USD pair. To move into a positive zone, the pair must clear the $34,000 and $35,000 resistance levels.

On the downside, the 61.8% Fib retracement level of the upward move from the $28,693 swing low to $34,856 high is at $31,000. The main support is near the $30,000 level. A daily close below $30,000 could open the doors for a larger decline.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well below $34,000 and the 55 simple moving average (4-hours). Overall, the price could decline sharply if it fails to stay above the $30,000 support zone.

Technical indicators

4 hours MACD – The MACD is now gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $31,000 and $30,000.

Key Resistance Levels – $34,000, $34,800 and $35,000.

The post Bitcoin Price Analysis: BTC Could Extend Losses Below $30K appeared first on Live Bitcoin News.

Charted: Ripple (XRP) Testing Crucial Support, Why It Could Nosedive

Ripple is struggling to stay above the key $0.2600 support against the US Dollar. XRP price could nosedive if there is a close below $0.2600 and $0.2550.

  • Ripple is showing a few bearish signs below the $0.2750 and $0.2800 resistance levels against the US dollar.
  • The price is testing the $0.2600 support and it is well below the 100 simple moving average (4-hours).
  • There is a key bearish trend line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD pair (data source from Kraken).
  • The pair could either rally above $0.2750 or it might slide towards the $0.2150 support.

Ripple’s XRP Price is Struggling To Recover

After struggling to clear the $0.3120 resistance, ripple’s XRP price started a fresh decline. The price declined heavily below the $0.2800 support level and it even spiked below $0.2600.

A low was formed near $0.2390 before the price started an upside correction. There was a break above the $0.2500 and $0.2550 levels. The price climbed above the 23.6% Fib retracement level of the downward move from the $0.3306 swing high to $0.2390 low.

However, the price seems to be facing resistance near the $0.2850 level. There is also a key bearish trend line forming with resistance near $0.2720 on the 4-hours chart of the XRP/USD pair.

Ripple (XRP)

Source: XRPUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the downward move from the $0.3306 swing high to $0.2390 low. XRP is now testing the $0.2600 support and it is well below the 100 simple moving average (4-hours).

If there is a downside break below the $0.2600 support level, the bears are likely to gain strength. In the stated case, there is a risk of a sharp decline towards the $0.2400 and $0.2350 levels. The price could even revisit the $0.2150 level in the near term.

Fresh Increase in XRP?

If ripple stays above the $0.2600 support zone, there are chances of a fresh increase. Th first key resistance is near the trend line and $0.2750. The next major resistance is near the $0.2800 level and the 100 SMA (H4).

A successful close above the $0.2800 level could open the doors for a surge towards the $0.3000 and $0.3120 levels.

Technical Indicators

4-Hours MACD – The MACD for XRP/USD is showing negative signs in the bearish zone.

4-Hours RSI (Relative Strength Index) – The RSI for XRP/USD is well below the 50 level.

Major Support Levels – $0.2600, $0.2450 and $0.2150.

Major Resistance Levels – $0.2750, $0.2800 and $0.35000.

Bitcoin and Altcoins Consolidate Losses As Bears Lose Momentum

Bitcoin price extended its decline below USD 31,200, but the bulls defended heavy losses. BTC recovered from USD 30,800 and it is currently (05:00 UTC) trading above USD 31,500. However, the price is facing a lot of hurdles, starting with USD 32,400 and up to USD 34,500. Similarly, most major altcoins are consolidating losses. ETH/USD is trading near USD 1,300, with a decent support at USD 1,275.

TA: Ethereum Lacks Momentum Above $1,350, Why ETH Could Correct To $1,180

Ethereum is facing resistance near the $1,350 level against the US Dollar. ETH price could continue to move lower towards $1,200 or $1,180 unless it settles above $1,350.

  • Ethereum is struggling to gain momentum above $1,350 and $1,375.
  • The price is now trading well below $1,350 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could extend its decline towards the $1,200 support as long as it is below $1,375.

Ethereum Price is Showing Bearish Signs

After testing the $1,250 support zone, Ethereum started a fresh increase. ETH broke the $1,300 and $1,320 resistance levels. It even broke the $1,350 level and the 100 hourly simple moving average.

However, the bulls failed to keep the price above $1,350. A high was formed near $1,375 and the price is currently declining. There was a break below the $1,350 support level. Ether is now trading well below $1,350 and the 100 hourly simple moving average.

It is testing the 50% Fib retracement level of the upward move from the $1,246 low to $1,375 high. It seems like there is a key bearish trend line forming with resistance near $1,360 on the hourly chart of ETH/USD.

Ethereum

Source: ETHUSD on TradingView.com

On the downside, an immediate support is near the $1,295 level. It coincides with the 61.8% Fib retracement level of the upward move from the $1,246 low to $1,375 high. The next major support is near the $1,250 level, below which ether could continue to move down towards the $1,200 support zone or even $1,180.

Upside Break in ETH?

If Ethereum stays above the $1,295 support zone, there are chances of an upside break above the 100 hourly simple moving average. The first major resistance is near the trend line and $1,350.

A successful close above the trend line resistance and $1,350 could open the doors for a fresh increase. The next major resistance is near the $1,375 level, above which ether price will most likely climb above towards the $1,450 level. The main hurdle on the upside is still near $1,500.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $1,295

Major Resistance Level – $1,350

TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task

Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance.

  • Bitcoin retested the $31,000 zone and managed to stay in a range.
  • The price is currently facing resistance near $32,800 and the 100 hourly simple moving average.
  • There is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could trade in a range, with a strong resistance near $33,500 and $33,800.

Bitcoin Price Is Facing Strong Resistance

After a failed attempt to clear the $35,000 resistance, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average.

There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low.

Bitcoin price is currently facing resistance near $32,800 and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800.

Bitcoin Price

Source: BTCUSD on TradingView.com

At the outset, it seems like there is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC/USD pair.  To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA.

The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions.

Fresh Dip in BTC?

If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900.

A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone.

Technical indicators:

Hourly MACD – The MACD is struggling to gain momentum in the bullish zone.

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

Major Support Levels – $31,800, followed by $30,800.

Major Resistance Levels – $32,800, $33,500 and $33,800.

Bitcoin, Ethereum, and Altcoins Gain Bearish Momentum

Bitcoin price made an attempt to recover above USD 32,500, but it failed to gain momentum. BTC started a fresh decline and traded below the USD 32,000 support level. It is currently (13:00 UTC) trading below USD 32,000 and it could even dive towards USD 30,500. Similarly, most major altcoins are showing bearish signs. ETH/USD is struggling to stay above USD 1,250 and it may revisit USD 1,200.

Cardano (ADA) Price Analysis: Bulls Eye Fresh Rally above $0.36

  • ADA price found support near $0.2780 and recovered above $0.3200 against the US Dollar.
  • The price is now facing hurdles near $0.3500 and the 55 simple moving average (4-hours).
  • There is a crucial contracting triangle forming with resistance near $0.3600 on the 4-hours chart (data feed via Kraken).
  • The price is likely to start a fresh increase if it clears the key $0.3600 resistance zone.

Cardano price is holding gains above $0.3200 against the US Dollar, while bitcoin is declining. ADA price is likely to surge above $0.3600 unless it breaks the $0.3300 support zone.

Cardano Price Analysis

Cardano price started a fresh increase after testing the $0.2780 support zone against the US Dollar. The ADA/USD pair broke the $0.3000 and $0.3200 resistance levels to move into a positive zone.

There was also a spike above the $0.3500 resistance and the 55 simple moving average (4-hours). However, the price struggled to continue higher above $0.3800 and a high was formed near $0.3696. It is currently correcting lower and trading below $0.3600.

There was a break below the 23.6% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high. ADA is now facing hurdles near $0.3500 and the 55 simple moving average (4-hours).

There is also a crucial contracting triangle forming with resistance near $0.3600 on the 4-hours chart. The triangle support is near the $0.3300 level. The next major support is near the $0.3200 level. It is close to the 50% Fib retracement level of the recent upward move from the $0.2774 swing low to $0.3696 high.

A downside break below the $0.3300 and $0.3200 support levels may possibly spark a major decline. In the stated case, there is a risk of a drop towards the $0.3000 support zone.

Conversely, the bulls might aim an upside break above the $0.3500 and $0.3600 resistance levels. If they succeed, there are high chances of a surge towards the $0.4000 resistance level.

Cardano Price

The chart indicates that ADA price is clearly c facing hurdles near $0.3500 and the 55 simple moving average (4-hours). Overall, the price is likely to start a fresh increase if it clears the key $0.3600 resistance zone in the near term.

Technical Indicators

4 hours MACD – The MACD for ADA/USD is losing pace in the bullish zone.

4 hours RSI – The RSI for ADA/USD is currently just below the 50 level.

Key Support Levels – $0.3300 and $0.3200.

Key Resistance Levels – $0.3500 and $0.3600.

The post Cardano (ADA) Price Analysis: Bulls Eye Fresh Rally above $0.36 appeared first on Live Bitcoin News.

Ethereum Price Analysis: ETH Retreats Lower, Dips Remain Supported

  • Ethereum price traded to a new all-time high at $1,478 before correcting lower against the US Dollar.
  • ETH price is currently testing the $1,330 support and the 55 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $1,200 on the 4-hours chart (data feed from Coinbase).
  • The pair could eye a fresh increase above the $1,400 and $1,450 resistance levels.

Ethereum price is trading in a bullish zone above $1,200 against the US Dollar. ETH/USD is likely to make another attempt to test the $1,500 level in the coming sessions.

Ethereum Price Analysis

In the past few sessions, Ethereum saw a strong increase above the $1,200 pivot level against the US Dollar. ETH price broke a few major hurdles near $1,300 and $1,350 to move further into a positive zone.

The price even broke the $1,400 level and settled above the 55 simple moving average (4-hours). Finally, the price traded to a new all-time high at $1,478 before correcting lower. It broke the $1,400 and $1,380 support levels.

There was break below the 23.6% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high. However, the price is holding gains above $1,300. It is currently testing the $1,330 support and the 55 simple moving average (4-hours).

There is also a key bullish trend line forming with support near $1,200 on the 4-hours chart. An intermediate support is near the $1,258 level since it is close to the 50% Fib retracement level of the upward move from the $1,039 swing low to $1,478 high.

On the upside, the $1,380 and $1,400 levels are immediate hurdles. A clear break above the $1,400 level will most likely increase the chances of a break towards the $1,480 and $1,500 resistance levels in the near term. The next major resistance sits near the $1,550 level.

Ethereum Price

Ethereum Price

Looking at the chart, Ethereum price is clearly trading in a positive zone above $1,250 and the 55 simple moving average (4-hours). Overall, ether price could eye a fresh increase above the $1,400 and $1,450 resistance levels in the coming sessions.

Technical indicators

4 hours MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for ETH/USD is still above the 50 level.

Key Support Levels – $1,280, followed by the $1,200 zone.

Key Resistance Levels – $1,400 and $1,450.

The post Ethereum Price Analysis: ETH Retreats Lower, Dips Remain Supported appeared first on Live Bitcoin News.

Charted: Chainlink (LINK) Correcting Gains, Why Dips Remain Attractive

Chainlink (LINK) rallied towards the $26.00 level before correcting lower, similar to bitcoin and Ethereum. The price is now approaching a major support zone at $21.50.

  • Chainlink token price gained pace after it broke $22.00 and it traded towards $26.00 against the US dollar.
  • The price is correcting gains from $25.89 and it is well above the 100 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair (data source from Kraken).
  • The price is likely to find a strong buying interest near the $21.50 and $21.20 levels.

Chainlink (LINK) is Correcting Gains

After a successful break above $22.00, chainlink (LINK) gained bullish momentum above $24.00. The bulls gained strength, resulting in a push above the $25.00 resistance zone.

A new 2021 high was formed near $25.89 and the price settled well above the 100 simple moving average (4-hours). It is currently correcting lower and trading below the $25.00 level. There was a break below the 23.6% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high.

On the downside, there are many important supports forming near $21.50. There is also a major bullish trend line forming with support near $21.50 on the 4-hours chart of the LINK/USD pair.

Chainlink (LINK)

Source: LINKUSD on TradingView.com

The trend line is close to the 50% Fib retracement level of the recent increase from the $17.19 swing low to $25.89 high. As long as link price is above the $21.50 level, there are chances of a strong increase in the near term. An immediate resistance is near the $24.00 level.

The first major resistance is near $25.00, above which the price is likely to accelerate higher towards the $26.00 and $26.50 levels in the near term.

More Losses?

If chainlink’s price stay above the $21.50 support, there is a risk of a larger decline. The next major support below $21.50 is near the $20.50 level.

Any more losses below the $20.50 level may possibly put the $20.00 support at risk in the near term. In the stated case, the price could revisit the $18.50 support.

Technical Indicators

4-hours MACD – The MACD for LINK/USD is gaining momentum in the bearish zone.

4-hours RSI (Relative Strength Index) – The RSI for LINK/USD is currently just below the 50 level.

Major Support Levels – $21.50, $21.20 and $20.50.

Major Resistance Levels – $24.00, $25.00 and $26.00.

Bitcoin Drops, Drags Ethereum and Altcoins Lower

Bitcoin price gained momentum above the USD 33,500 resistance, but it failed to stay above USD 34,500. BTC started a fresh decline and traded below the USD 33,500 pivot level. It is currently (05:00 UTC) trading well below USD 32,400 and it remains at a risk of more downsides. Also, bitcoin’s weakness dragged most major altcoins lower. ETH/USD declined over 8% and it even tested the USD 1,300

TA: Ethereum Trims Gains, Why ETH Could Find Strong Support Near $1,275

Ethereum started a downside correction after trading to a new all-time high at $1,480 against the US Dollar. ETH price is currently approaching the $1,300 and $1,275 support levels.

  • Ethereum started a fresh downside correction from the $1,480 resistance zone.
  • The price is down around 10%, and it is trading close to the 100 hourly simple moving average.
  • There was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair is likely to find a strong buying interest near the $1,275 and $1,280 support levels.

Ethereum Price is Approaching a Major Support

After a strong increase above $1,400, Ethereum failed to test the $1,500 resistance zone. A new all-time high was formed near $1,480 before the price started a fresh decline.

There was a clear break below the $1,400 and $1,380 support levels. More importantly, there was a break below a major bullish trend line with support near $1,385 on the hourly chart of ETH/USD. The pair broke the $1,350 support level to move into a short-term bearish zone.

A low is formed near $1,292 and ether is currently attempting a fresh increase. It broke the 23.6% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, there is a major resistance forming near the $1,365 level. It is close to the 50% Fib retracement level of the recent decline from the $1,478 swing high to $1,292 low. There is also a connecting bearish trend line forming with resistance near $1,385.

Ether price is approaching a couple of important supports near $1,300 and $1,285. The main support is forming near the $1,275 level, below which there is a risk of a larger decline in the coming sessions.

Dips Supported in ETH?

Ethereum is currently down around 10%, and it is trading close to the 100 hourly simple moving average. To start a fresh increase, it must gain bullish momentum above the $1,365 and $1,385 resistance levels.

A successful close above the trend line resistance and $1,385 could set the pace for a fresh increase. The next major resistance is near the $1,450 and $1,480 levels.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bearish zone.

Hourly RSIThe RSI for ETH/USD is currently well below the 50 level.

Major Support Level – $1,275

Major Resistance Level – $1,380

TA: Why Bitcoin Price Remains At Risk for a Fresh Drop to $30K

Bitcoin price recovered above $34,000, but it struggled near $35,000 against the US Dollar. BTC is currently declining and it remains at a risk of more losses below $32K.

  • Bitcoin struggled to gain momentum above $34,500 and remained below $35,000.
  • The price is currently well below $33,000 and it is testing the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $32,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue lower towards $31,500 and $30,800 in the near term.

Bitcoin Price Fails Near $35K

Yesterday, there was a decent recovery in bitcoin price above the $33,800 and $34,000 resistance levels. BTC even broke the $34,500 level and settled above the 100 hourly simple moving average.

However, the bulls struggled to gain strength above $34,500 and the price remained below $35,000. A high was formed near $34,872 before the price started a fresh decline. There was a break below the $34,000 and $33,800 support levels.

Bitcoin price declined below the 50% Fib retracement level of the upward move from the $30,943 swing low to $34,872 high. It is now trading well below $33,000 and it is testing the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a key bullish trend line forming with support near $32,400 on the hourly chart of the BTC/USD pair. The trend linen is close to the 76.4% Fib retracement level of the upward move from the $30,943 swing low to $34,872 high.

A downside break and close below $32,000 could start another decline. In the stated case, the price is likely to continue lower towards the $30,800 support or even $30,000.

Fresh Upsides in BTC?

If bitcoin stays above the $32,400 and $32,000 support levels, it could start a fresh increase. An initial resistance on the upside is near the $33,000 level.

The first major resistance is near the $33,800 level. The main resistance is still near the $34,500 and $35,000 levels, above which the price is likely to accelerate higher in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bearish zone.

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

Major Support Levels – $32,400, followed by $30,800.

Major Resistance Levels – $33,000, $33,800 and $34,500.

Bitcoin Gains 5%, Ethereum, Altcoins Continue To Outperform BTC

Bitcoin price is showing positive signs and it recently broke the USD 33,500 resistance. BTC even cleared the USD 34,000 level and it is currently (13:00 UTC) up over 5%. If there is a close above USD 34,200 and USD 34,500, there are chances of a move above USD 35,000. Similarly, most major altcoins are gaining bullish momentum. ETH/USD is steady above USD 1,400 and the bulls seem to be eying a

Stellar Lumen (XLM) Price Setting Up for Bullish Break If It Clears $0.30

  • Stellar lumen price remained stable above $0.2200 and recovered above $0.2600 against the US Dollar.
  • XLM price is facing hurdles near $0.2850 and the 55 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $0.2840 on the 4-hours chart (data feed via Kraken).
  • The pair could start a major bullish wave once it clears the $0.2840 and $0.3000 resistance levels.

Stellar lumen price is showing positive signs above $0.2500 against the US Dollar, similar to bitcoin. XLM price could clear the $0.3000 barrier as long as there is no close below $0.2500.

Stellar Lumen Price Analysis (XLM to USD)

After a downside correction, stellar lumen price remained stable above the $0.2200 level against the US Dollar. The XLM/USD pair traded as low as $0.2265 and settled below the 55 simple moving average (4-hours).

Recently, there was a fresh increase and the price climbed above the $0.2500 and $0.2600 resistance levels. There was also a break above the 50% Fibonacci retracement level of the downward move from the $0.3200 high to $0.2265 low.

On the upside, the price is facing hurdles near $0.2850 and the 55 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $0.2840 on the 4-hours chart.

The triangle resistance is close to the 61.8% Fibonacci retracement level of the downward move from the $0.3200 high to $0.2265 low. A clear break above the triangle resistance and $0.2880 could open the doors for a larger increase in the coming sessions.

The next major resistance is near the $0.3000 level, followed by $0.3250. A close above the $0.3250 level could set the pace for a sustained upward move towards the $0.3800 and $0.4000 levels.

Conversely, the price might fail to gain pace above the $0.2850 and $0.3000 resistance levels. An initial support on the downside is near the $0.2480 level. A downside break below the triangle lower trend line could set the pace for a sustained downward move towards the $0.2200 and $0.2000 support levels.

Stellar Lumen (XLM) Price

The chart indicates that XLM price is clearly facing hurdles near $0.2850 and the 55 simple moving average (4-hours). Overall, the price could start a major bullish wave once it clears the $0.2840 and $0.3000 resistance levels.

Technical Indicators

4 hours MACD – The MACD for XLM/USD is losing momentum in the bearish zone.

4 hours RSI – The RSI for XLM/USD is currently rising towards the 50 level.

Key Support Levels – $0.2550 and $0.2450.

Key Resistance Levels – $0.2850, $0.3000 and $0.3250.

The post Stellar Lumen (XLM) Price Setting Up for Bullish Break If It Clears $0.30 appeared first on Live Bitcoin News.

Ripple Price Analysis: Bulls Eye Key Upside Break above $0.30

  • Ripple price is holding the key $0.2560 support zone against the US dollar.
  • The price is still facing many hurdles near $0.3000 and the 55 simple moving average (4-hours).
  • There is a major bearish trend line forming with resistance near $0.2820 on the 4-hours chart of the XRP/USD pair (data source from Bittrex).
  • The pair could accelerate higher once it clears the $0.2820 and $0.2840 resistance levels.

Ripple price is trading in a positive zone above $0.2560 against the US Dollar. XRP price must settle above $0.2840 to increase the chances of a break above $0.3000.

Ripple Price Analysis

This past week, ripple price topped near the $0.3288 level against the US Dollar. The XRP/USD pair declined steadily and traded below the $0.3000 support level.

There was also a spike below the main $0.2560 support level and the price settled below 55 simple moving average (4-hours). It traded as low as $0.2408 and recovered quickly above $0.2560. There was a clear break above the 23.6% Fib retracement level of the downward move from the $0.3288 high to $0.2408 low.

However, the price is still facing many hurdles near $0.3000 and the 55 simple moving average (4-hours). There is also a major bearish trend line forming with resistance near $0.2820 on the 4-hours chart of the XRP/USD pair.

The trend line is close to the 50% Fib retracement level of the downward move from the $0.3288 high to $0.2408 low. A clear break above the trend line resistance could easily push the price towards the $0.3000 resistance level.

The next key resistance is near the $0.3080 level, above which the price is likely to jump towards the $0.3400 and $0.3500 levels. Conversely, the price could fail to clear $0.2840 and the $0.3000 barrier. An initial support on the downside is near the $0.2620 level.

The main support is still near the $0.2560 level. A daily close below the $0.2560 level could spark a sharp decline towards the $0.2200 and $0.2100 levels.

Ripple Price

Ripple Price

Looking at the chart, ripple price is clearly trading below major hurdles near $0.2840 the 55 simple moving average (4-hours). Overall, the price could accelerate higher once it clears the $0.2820 and $0.2840 resistance levels.

Technical indicators

4 hours MACD – The MACD for XRP/USD is currently gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is now just above the 50 level.

Key Support Levels – $0.2620, $0.2560 and $0.2550.

Key Resistance Levels – $0.2840 and $0.3000.

The post Ripple Price Analysis: Bulls Eye Key Upside Break above $0.30 appeared first on Live Bitcoin News.

Charted: Uniswap’s UNI Explodes Above $12, Why Dips Remain Attractive

Uniswap’s UNI surged over 25% and it broke many hurdles near $10.00 against the US Dollar. A new all-time high is formed near $12.98 and dips seems to remain attractive in the near term.

  • UNI gained pace above the $10.00 and $12.00 resistance levels against the US dollar.
  • The price is consolidating gains well above $12.00 and the 100 simple moving average (4-hours).
  • There was a break above a declining channel with resistance near $8.50 on the 4-hours chart of the UNI/USD pair (data source from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active above $10.50 and $10.00.

Polkadot’s UNI Rallies 25%

After forming a support base above $8.000, UNI started a strong increase. It outperformed bitcoin and Ethereum to register gains over 25% in the past 2-3 sessions.

To start the increase, there was a break above a declining channel with resistance near $8.50 on the 4-hours chart of the UNI/USD pair. The pair broke the $10.00 resistance zone and settled nicely above the 100 simple moving average (4-hours).

As a result, there was a strong rally and the price even broke the $12.00 resistance. It traded to a new all-time high near $12.98 and it is currently consolidating gains. An initial support is near the $11.60 level. It is close to the 23.6% Fib retracement level of the upward move from the $7.00 swing low to $12.98 high.

Uniswap’s UNI

Source: UNIUSD on TradingView.com

The main support is now forming near the $10.00 level (the recent breakout zone). The 50% Fib retracement level of the upward move from the $7.00 swing low to $12.98 high is also near the $10.00 level. Any more losses could lead the price towards the 100 simple moving average (4-hours) at $7.50.

More Upsides?

If UNI price remains stable above $11.50 and $11.00, it could continue to rise. An initial resistance on the upside is near the $13.00 level.

A successful break above the $13.00 resistance zone may possibly clear the path for a push towards the $14.50 and $15.00 resistance levels in the near term. The next major target for the bulls could be $20.00.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 level.

Major Support Levels – $11.60, $11.00 and $10.00.

Major Resistance Levels – $12.95, $13.00 and $15.00.

Ethereum Eyes USD 1,500, Altcoins Gain, Bitcoin Stable

Bitcoin price seems to be forming a base above the USD 32,000 level. BTC recovered above the USD 32,500 and USD 32,800 resistance levels. It is currently (05:00 UTC) trading above USD 33,000 and it seems like the bulls might test the USD 34,000 or USD 34,200 levels. Conversely, most major altcoins are showing positive signs. ETH/USD gained over 15% to set a new all-time high close to USD 1,500.

TA: Ethereum Surges To New ATM, Why ETH Could Rally Further Above $1,500

Ethereum surged 15% and it traded to a new all-time high near $1,475 against the US Dollar. ETH price is currently correcting lower, but it is likely to remain well bid above $1,350.

  • Ethereum started a fresh surge above the $1,350 and $1,400 resistance levels.
  • The price traded as high as $1,476 and it is now well above the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $1,350 and $1,360.

Ethereum Price is Gaining Bullish Momentum

In the past 3-4 sessions, there was a strong increase in Ethereum above the $1,300 resistance level. ETH outperformed bitcoin and it rallied above the $1,400 resistance level.

There was also a close above the $1,400 level and the 100 hourly simple moving average. Ether gained 15% and it traded to a new all-time high near the $1,476 level. The price is currently correcting lower and trading below the $1,450 level.

There was a break below the 23.6% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high. An initial support on the downside is near the $1,400 level. There is also is a key bullish trend line forming with support near $1,360 on the hourly chart of ETH/USD.

Ethereum Price

Source: ETHUSD on TradingView.com

On the upside, the price is facing hurdles near $1,450 and $1,475. The main resistance is near the $1,500 level. A clear break above the $1,500 resistance level could open the doors for a sharp increase in the coming sessions. The next stop for the bulls could be $1,580 or $1,600.

Dips Supported in ETH?

If ethereum starts a downside correction, it could remain stable above the $1,400 level. The first major support on the downside is near the trend line and $1,350.

The 50% Fib retracement level of the recent rally from the $1,299 swing low $1,476 high is also near the $1,385 level to act as a support. Therefore, ether price is likely to remain well bid if there is a decline towards the $1,360 level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly losing pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently correcting lower towards the 60 level.

Major Support Level – $1,360

Major Resistance Level – $1,450

TA: Bitcoin Consolidates Below $33K, Why BTC Could Attempt Bullish Break

Bitcoin price is slowly recovering above $32,000 against the US Dollar. BTC is likely to face a strong selling interest near $33,500 and $34,000.

  • Bitcoin seems to be consolidating above the $31,000 and $32,000 support levels.
  • The price is currently just above $32,500 and the 100 hourly simple moving average.
  • There was a break above a declining channel with resistance near $32,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher towards the $33,500 and $34,000 resistance levels.

Bitcoin Price Stuck Below $33.5K

After forming a base above the $30,000 level, bitcoin price corrected higher. BTC managed to clear the $31,200 and $31,500 resistance levels to move into a short-term positive zone.

There was a break above the 23.6% Fib retracement level of the downward move from the $37,892 high to $28,809 low. It is now trading just above $32,500 and the 100 hourly simple moving average. There was also a break above a declining channel with resistance near $32,650 on the hourly chart of the BTC/USD pair.

Bitcoin price is approaching the $33,000 resistance level. The next key resistance could be near $33,500 or the 50% Fib retracement level of the downward move from the $37,892 high to $28,809 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

Any further gains could lead the price towards the $34,000 resistance zone. To move into a positive zone and start a steady increase, the bulls need to gain strength above $34,000 and $34,500 in the near term. The next major resistance is near the $35,800 level, where the bulls might take a stand.

Fresh Decline in BTC?

If bitcoin fails to recover above $33,500 and $34,000, there is a risk of another decline. An initial support on the downside is near the $32,000 level.

The first major support is near the $31,250 and $31,200 levels. A downside break below $31,200 and a follow up move below $31,000 may possibly start a strong decline towards $28,500 in the coming sessions. It seems like the price might consolidate in a range below the $34,000 resistance level before it makes the next major move.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering towards the 40 level.

Major Support Levels – $30,000, followed by $28,800.

Major Resistance Levels – $30,800, $31,000 and $32,800.

Ethereum Starts Fresh Increase, Why ETH Could Surge To $1,500

Ethereum started a fresh increase above $1,300 against the US Dollar. ETH price is showing positive signs and it is likely to continue higher towards $1,400 and $1,500.

  • ETH price is gaining bullish momentum above the $1,250 resistance level against the US Dollar.
  • The price is likely to face hurdles near $1,380, but it is well above the 100 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards $1,400 and $1,500 in the coming sessions.

Ethereum’s Ether Signaling More Upsides

This past week, bitcoin and ethereum saw a fresh decline below $1,200 and $35,000 respectively against the US Dollar. ETH price even declined below $1,100, but it remained stable above the $1,000.

A low was formed near $1,042 before the price started a fresh increase. There was a strong close above $1,200 and the 100 simple moving average (4-hours).

There was also a break above the 50% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low. There was a break above a major bearish trend line with resistance near $1,265 on the 4-hours chart of ETH/USD.

Ethereum

Source: ETHUSD on TradingView.com

Ether price is now approaching the $1,345 resistance zone. It is close to the 76.4% Fib retracement level of the downward move from the $1,440 swing high to $1,042 low.

A clear break above the $1,345 level could open the doors for a fresh increase above the $1,400 resistance zone. In the stated case, the price could continue to rise towards the $1,500 level. The next major resistance sits near the $1,530 level.

Dips Supported in Ether (ETH)?

If Ethereum fails to clear the $1,345 and $1,380 resistance levels, it could start a downside correction. The first key support on the downside is near the $1,240 level.

The main support is forming near the $1,180 level (the recent breakout zone) and the 100 simple moving average (4-hours). Any more losses could lead ether price towards the $1,080 support zone.

Technical Indicators

4 hours MACD – The MACD for ETH/USD is now gaining momentum in the bullish zone.

4 hours RSI – The RSI for ETH/USD is well above the 50 level.

Major Support Level – $1,240

Major Resistance Level – $1,380

Bitcoin Facing Uphill Task, Why BTC Could Drop To $30K Again

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.

Bitcoin Price

Source: BTCUSD on TradingView.com

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.

A close above the $34,000 and $34,500 resistance levels could open the doors for a larger increase. The next major hurdle is near the $38,000 level.

Fresh Drop in BTC?

If bitcoin fails to clear the $33,500 and $34,000 resistance levels, there is a risk of another decline. An initial support on the downside is near the $31,800 level.

A clear break below the $31,800 and $31,500 support levels could clear the path for a push towards the $30,000 support zone in the near term. Any more losses might call for a test of $28,800.

Technical indicators

4 hours MACD – The MACD for BTC/USD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level.

Major Support Level – $30,000

Major Resistance Level – $34,000

Bitcoin and Altcoins Try to Recover, Key Hurdles Nearby

Bitcoin price formed a support base above USD 30,000 and started recovering. BTC broke the USD 30,500 and USD 31,200 resistance levels. It is currently (13:00 UTC) approaching the USD 32,500 resistance, where the bulls might face hurdles. Similarly, most major altcoins are recovering higher. ETH/USD is gaining pace above USD 1,150, but it could struggle near USD 1,250. XRP/USD is trading well

Bitcoin Cash Analysis: Strong Support Forming Near $400

  • Bitcoin cash price declined heavily below $500 and $450 against the US Dollar.
  • The price is holding the key $400 support, but it is well below the 55 simple moving average (4-hours).
  • There was a break below a major bullish trend line with support near $490 on the 4-hours chart of the BCH/USD pair (data feed from Coinbase).
  • The pair is likely to recover sharply as long as it is above the $400 and $385 support levels.

Bitcoin cash price is down over 20% from well above $500 against the US Dollar, similar to bitcoin. BCH/USD is likely to recover nicely unless there is a daily close below $400.

Bitcoin Cash Price Analysis

After a strong rally, bitcoin cash price struggled to gain momentum above $550. BCH price formed a high near the $554 level and recently started a strong decline, similar to bitcoin and Ethereum.

The price broke the $500 support and declined over 20%. There was also a break below the $440 support and a close below the 55 simple moving average (4-hours). There was also a break below a major bullish trend line with support near $490 on the 4-hours chart of the BCH/USD pair.

Finally, there was a spike below the $400 level and the price traded as low as $389. It is currently correcting higher and trading above the $400. An initial resistance on the upside is near $428.

The 23.6% Fib retracement level of the recent decline from the $554 high to $389 low is near the $428 level. The next major resistance on the upside is near the $450 level. Any more gains could lead the price towards the $470 resistance zone.

The 50% Fib retracement level of the recent decline from the $554 high to $389 low is near the $470 level to act as a major barrier. On the downside, the price is likely to remain stable above $400.

A close below the $400 support, with a follow up move below the $389 swing low could accelerate losses. In the stated case, the price could easily dive towards the $350 level.

Bitcoin Cash Price

Bitcoin Cash Price

Looking at the chart, bitcoin cash price is clearly holding the key $400 support, but it is well below the 55 simple moving average (4-hours). Overall, the price is likely to recover sharply as long as it is above the $400 and $385 support levels.

Technical indicators

4 hours MACD – The MACD for BCH/USD is slowly gaining pace in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BCH/USD is currently well below the 40 level.

Key Support Levels – $400 and $350.

Key Resistance Levels – $450 and $470.

The post Bitcoin Cash Analysis: Strong Support Forming Near $400 appeared first on Live Bitcoin News.

Charted: Polkadot (DOT) Holding Gains Despite Sharp Drop in BTC and ETH

Polkadot’s DOT surged towards $18.50 before correcting lower against the US Dollar. It is holding gains above $15.00 despite a crash in bitcoin and Ethereum.

  • DOT rallied above $12.00 and $15.00 before it faced sellers near $18.50 against the US dollar.
  • The price is trading nicely above the $15.00 support and he 100 simple moving average (4-hours).
  • There is a key bullish trend line forming with support near $15.50 on the 4-hours chart of the DOT/USD pair (data source from Kraken).
  • The pair remains in a positive zone and it is likely to continue higher towards $18.50 and $20.00.

Polkadot’s DOT Stable Above $15

After a close above the $12.00 level, DOT started a fresh rally above the $15.00 resistance level. There was a strong bullish momentum above $15.00 and the price even climbed above $18.00.

However, the bulls failed to test the $20.00 level. The recent high was formed near $18.37 and the price recently corrected lower. There was a break below the $16.50 support level, but the bulls were active near the $15.00 and $14.80 support levels (a multi-touch zone).

A low is formed near $14.78 and the price is currently rising. It broke the $16.00 level and tested the 50% Fib retracement level of the downward move from the $18.37 swing high to $14.78 low.

Polkadot (DOT)

Source: DOTUSD on TradingView.com

There is also a key bullish trend line forming with support near $15.50 on the 4-hours chart of the DOT/USD pair. The price is clearly trading nicely above the $15.00 support and he 100 simple moving average (4-hours). On the upside, a break above the $16.60 level could spark a fresh increase.

The next key resistance could be near $17.50 or the 76.4% Fib retracement level of the downward move from the $18.37 swing high to $14.78 low. Any more gains may possibly call for a break above $18.50.

Fresh Dip?

If DOT price fails to continue higher above $16.50 and $17.00, there could be a fresh decline. The first key support is near the $15.50 level and the trend line.

A successful break below the trend line support could put the $15.00 support at a risk. Any more losses may possibly call for a drop towards the $14.00 level.

Technical Indicators

4-Hours MACD – The MACD for DOT/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for DOT/USD is still above the 50 level.

Major Support Levels – $15.50, $15.00 and $14.80.

Major Resistance Levels – $16.50, $17.20 and $18.50.

Bitcoin and Altcoins Take Strong Hit, But Buyers Still Here

Bitcoin price remained in a bearish zone after it settled below USD 35,000. BTC declined below many major supports near USD 32,000 to move into a bearish zone. It even spiked below USD 29,000 and it is currently (05:00 UTC) getting closer to USD 32,000. Similarly, most major altcoins declined heavily and are now moving higher again. ETH/USD declined below USD 1,150 and it even tested USD 1,050.

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

Ethereum declined close to 20% and it tested the $1,050 zone against the US Dollar. ETH price is currently recovering, but it might struggle near $1,200 and $1,250.

  • Ethereum declined heavily after it broke the $1,250 and $1,200 support levels.
  • The price is now correcting losses from $1,042, but it is well below the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair could correct further, but the previous support near $1,250 is likely to act as a strong resistance.

Ethereum Price is Recovering Losses

In the past 3-4 sessions, there was a nasty decline in bitcoin and Ethereum below $32,000 and $1,200 respectively. ETH price nosedived almost 20% and it broke many supports such as $1,150 and $1,120.

It traded close to $1,040 and settled well below the 100 hourly simple moving average. A low is formed near $1,042 and the price is currently correcting higher. There was a break above the $1,100 resistance level and the price is showing a few positive signs.

Ether is trading above the 23.6% Fib retracement level of the recent decline from the $1,389 swing high to $1,042 low. On the upside, the first key resistance is near the $1,200 level.

Ethereum Price

Source: ETHUSD on TradingView.com

The next resistance could be near $1,215 or the 50% Fib retracement level of the recent decline from the $1,389 swing high to $1,042 low. There is also a key bearish trend line forming with resistance near $1,300 on the hourly chart of ETH/USD.

If there is a clear break above $1,215, the price is likely to face a strong selling interest near the $1,250 level in the coming sessions. Any more gains could open the doors for a fresh rally towards $1,400.

Fresh Dip in ETH?

If ethereum fails to recover above the $1,200 and $1,210 levels, there is a risk of a fresh decline. An initial support on the downside is near the $1,120 level.

The first major support is near the $1,100 level. The main support is now forming near the $1,050 level. If ether fails to stay above the $1,050 support, it could even decline below the $1,000 support level.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is slowly gaining pace in the bullish zone.

Hourly RSIThe RSI for ETH/USD is currently rising towards the 40 level.

Major Support Level – $1,120

Major Resistance Level – $1,250

TA: Bitcoin Nosedives To $28.5K, Why Important Support Turned Resistance

Bitcoin price is down over 15% and it broke many supports near $32,000 against the US Dollar. BTC even traded close to $28.5K and it is currently correcting losses.

  • Bitcoin started a strong decline below the $33,000 and $32,000 support levels.
  • The price is currently correcting losses, but it is now well below $32,000 and the 100 hourly simple moving average.
  • There is a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to face a strong selling interest near the $32,000 and $32,800 levels.

Bitcoin Price Turns Red

Yesterday, we discussed the chances of more losses in bitcoin price below $33,000. BTC failed to recover above $34,500 and it started a strong decline. There was a break below many important supports near $33,000 and $32,800.

It opened the doors for more downsides below $32,000 and the price settled well below the 100 hourly simple moving average. The price even tumbled below the $30,000 level. It traded close to the $28,500 support and it is currently correcting losses.

There was a break above the $30,000 level. Bitcoin price is now trading above the 23.6% Fib retracement level of the recent decline from the $32,707 high to $28,808 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the first resistance is near the $30,800 and $31,000 levels. The 50% Fib retracement level of the recent decline from the $32,707 high to $28,808 low is also near the $30,800 level. The next key resistance is near the $32,000 level.

There is also a key bearish trend line forming with resistance near $32,700 on the hourly chart of the BTC/USD pair. To move into a positive zone, the price must clear $32,800 and $33,000 (support turned resistance).

More Downsides in BTC?

If bitcoin fails to recover above $31,000 and $31,800, there is a risk of another decline. An initial support on the downside is near the $30,000 level.

The first major support is near the $28,800 and $28,500 levels. A close below the $28,000 support zone could open the doors for a drop towards the $25,000 support zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now recovering towards the 40 level.

Major Support Levels – $30,000, followed by $28,800.

Major Resistance Levels – $30,800, $31,000 and $32,800.

Bitcoin and Altcoins Turn Red, More Downsides Possible

Bitcoin price failed to recover above USD 35,000, and started a fresh decline. BTC broke the USD 34,000 and USD 33,200 support levels to move further into a bearish zone. The price is currently (13:00 UTC) trading well below USD 33,000 and it remains at a risk of more losses below USD 32,000. Similarly, most major altcoins are gaining bearish momentum, including ethereum, EOS, XRP, XLM, LINK, BNB,