Bitcoin Price Analysis: BTC fades bounce off short-term support line below 35,000


  • BTC/USD struggles to keep bounce off two-week-old support line.
  • Bearish MACD probes Bitcoin buyers below 50-bar SMA.
  • 200-bar SMA, upbeat RSI conditions restrict major downside.

BTC/USD fades the latest recoveries while easing to 34,800 during early Tuesday. In doing so, the crypto major battles with bearish MACD below 50-bar SMA.

Although pullback to an ascending trend line from December 29, at 30,320 now, seems imminent, any further weakness will be challenged by strong RSI conditions and a 200-bar SMA level of 27,006.

It should, however, be noted that a sustained downside past-27,000 will make BTC/USD vulnerable to revisit the December 20 top surrounding 24,300.

Meanwhile, an upside clearance of 50-bar SMA, at 36,326 now, will attack the 40,000 psychological magnet while also likely to take a break near Friday’s low of 38,733.

During the quote’s upside past-40,000 the recent record high near 42,000 and the 50,000 threshold will be in focus.

To sum up, BTC/USD is in an uptrend but short-term pullbacks can’t be ruled out.

BTC/USD four-hour chart

Trend: Bullish

Additional important levels

Overview
Today last price 34977.78
Today Daily Change -475.03
Today Daily Change % -1.34%
Today daily open 35452.81
 
Trends
Daily SMA20 31418.13
Daily SMA50 24390.93
Daily SMA100 19105.26
Daily SMA200 14829.43
 
Levels
Previous Daily High 38269.43
Previous Daily Low 30209.97
Previous Weekly High 41987.21
Previous Weekly Low 27772
Previous Monthly High 29307.4
Previous Monthly Low 17578.63
Daily Fibonacci 38.2% 33288.68
Daily Fibonacci 61.8% 35190.71
Daily Pivot Point S1 31018.71
Daily Pivot Point S2 26584.61
Daily Pivot Point S3 22959.25
Daily Pivot Point R1 39078.17
Daily Pivot Point R2 42703.52
Daily Pivot Point R3 47137.62

 

 

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