TA: Bitcoin Turns Vulnerable, Why BTC Could Nosedive Below $32K

TA: Bitcoin Turns Vulnerable, Why BTC Could Nosedive Below $32K

Bitcoin price is slowly moving lower and it is trading well below $33,500 against the US Dollar. BTC remains at a risk of a larger decline if it breaks the $32,000 support zone.

  • Bitcoin is struggling to recover and it is trading well below $33,500 and $33,000.
  • The price is now trading near $32,200, but it is well below the 100 hourly simple moving average.
  • There was a break below a bearish continuation pattern with support near $32,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate lower if there is a clear break below the $32,200 support zone.

Bitcoin Price Remains At Risk

In the past few sessions, bitcoin price saw bearish moves below the $34,000 and $33,500 support levels. BTC even traded below the $33,000 level and it settled well below the 100 hourly simple moving average.

There was also a break below a bearish continuation pattern with support near $32,900 on the hourly chart of the BTC/USD pair. It is now trading near $32,200, but it is well below the 100 hourly simple moving average. The recent low was formed near $32,208 and the price is now consolidating.

An immediate resistance is near the $32,500 level. It is near the 23.6% Fib retracement level of the recent decline from the $33,354 high to $32,208 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

There is also a declining channel forming with resistance near $32,800 on the same chart. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $33,354 high to $32,208 low. A clear break above the channel resistance and then $33,000 could start a decent recovery. The next major resistance sits near $33,500.

More Losses in BTC?

If bitcoin fails to recover above the $33,000 and $33,500 resistance levels, there is a risk of a larger decline. An initial support on the downside is near the $32,200 level.

The main support is still near the $32,000 level, below which the price might easily dive towards the $30,000 level. Any more losses could set the pace for a drop towards the $28,800 level in the near term.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bullish zone.

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

Major Support Levels – $32,200, followed by $32,000.

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

Did you like this?
Tip Bitcoin Tradeboard with Cryptocurrency

Donate Bitcoin to Bitcoin Tradeboard

Scan to Donate Bitcoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate Bitcoin Cash to Bitcoin Tradeboard

Scan to Donate Bitcoin Cash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate Ethereum to Bitcoin Tradeboard

Scan to Donate Ethereum to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Ether:

Donate Litecoin to Bitcoin Tradeboard

Scan to Donate Litecoin to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate Monero to Bitcoin Tradeboard

Scan to Donate Monero to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some Monero:

Donate ZCash to Bitcoin Tradeboard

Scan to Donate ZCash to Bitcoin Tradeboard
Scan the QR code or copy the address below into your wallet to send some ZCash: