Bitcoin Price Analysis: BTC bulls to have a bumpy road below $36,450


  • BTC/USD extends the previous day’s pullback from 200-bar SMA.
  • Sluggish MACD, normal RSI favor further consolidation of gains.
  • Resistance lines stretched from January 14 and 08 add to the upside filters.

BTC/USD drops to $32,250, down 1.0% intraday, amid the initial trading on Wednesday. In doing so, the crypto major respects Tuesday’s U-turn from 200-bar SMA amid struggling MACD signals and normal RSI conditions. As a result, the quote’s further weakness can’t be ruled out.

During the fall, the weekly low near $30,800 can act as an intermediate halt before highlighting an ascending trend line from December 30, close to the $29,000 round-figure.

It should, however, be noted that Friday’s bottom near $28,770 and the monthly low of $27,777 acts as extra filters to the south for the BTC/USD bears.

Alternatively, an upside clearance of 200-bar SMA, at $33,050 now, will direct the BTC/USD buyers towards a two-week-old resistance line, at $34,420, ahead of challenging the monthly falling trend line resistance, currently around $36,450.

If at all, the BTC/USD bulls manage to cross the $36,450 hurdle, the record top of $41,987 will only be a buffer during the rally towards the $50,000 threshold.

Overall, BTC/USD remains in an uptrend but key short-term resistances offer breathing spaces to the bulls.

BTC/USD four-hour chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 32188.63
Today Daily Change -331.14
Today Daily Change % -1.02%
Today daily open 32519.77
 
Trends
Daily SMA20 35713.91
Daily SMA50 29193.28
Daily SMA100 22632.46
Daily SMA200 16741.74
 
Levels
Previous Daily High 32944.55
Previous Daily Low 30838.34
Previous Weekly High 37860.2
Previous Weekly Low 28768.76
Previous Monthly High 29307.4
Previous Monthly Low 17578.63
Daily Fibonacci 38.2% 32139.98
Daily Fibonacci 61.8% 31642.91
Daily Pivot Point S1 31257.22
Daily Pivot Point S2 29994.67
Daily Pivot Point S3 29151.01
Daily Pivot Point R1 33363.44
Daily Pivot Point R2 34207.1
Daily Pivot Point R3 35469.65

 

 

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