Bitcoin has failed to breach above the resistance level of $38K and dips below $35K instead. After some sideways trading, it is currently moving lower and it could continue to move down to $33K or $32K.
The technical indicators suggest that bitcoin has to break through the resistance levels at $38K, $39.7K, and $40K to resume its bull run. However, it is showing bearish signs now and it could decline further below $33K. Bulls and bears are largely reaching an impasse as bitcoin is consolidating.
One-hour Chart Technical Indicators:
The MACD is slowly gaining momentum in the bearish zone. The RSI is now well above the 40 level. The major support levels are $34,000, followed by $33,500. The major resistance levels are $36,500, $37,00 and $38,000.
Tips: Quotes are time-sensitive, and please pay attention to take good risk control and make good use of “Take-profit” and “Stop-loss”.
The technical analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal.