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Bitcoin remains strong at $ 31,000 while bulls face a difficult task

Bitcoin’s price is stuck in a range below the resistance levels of $ 33,500 and $ 33,800 against the U.S. dollar. BTC is likely to remain low unless it clears the $ 33,800 resistance.

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

Bitcoin price is facing strong resistance

After a failed attempt to break through the $ 35,000 resistance, the price of bitcoin reduced earnings and traded below $ 33,800. BTC even broke the $ 32,500 level and established itself below the 100-hour simple moving average.

There was a peak below the $ 31,000 level, but it remained stable above $ 30,800. A low is formed around $ 30,823 and the price is rebounding higher. It exceeded the 23.6% Fib retracement level of the downward movement from $ 34,915 upwards to $ 30,823 downwards.

Bitcoin’s price is facing resistance near $ 32,800 and the simple 100-hour moving average. The 50% Fib retracement level of the downward movement from $ 34,915 to a low of $ 30,823 is also close to $ 32,800.

At first, it appears that there is a short-term bullish channel or bearish flag forming with support near $ 31,900 on the hourly chart of the BTC / USD pair. To continue on the rise, bulls need to gain strength above $ 32,500, $ 32,800 and the 100-hour SMA.

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

Fall BTC?

If bitcoin fails to clear the $ 32,800 or $ 33,500 resistance, it could start a further decline. Initial support is close to the channel support at $ 31,900.

A clear break below the channel support may open the door to a further decline towards the $ 30,800 support. Any additional losses may require a downside break below the $ 30,000 support zone.

Technical indicators:

MACD per hour – 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.

Key support levels – $ 31,800, followed by $ 30,800.

Main resistance levels – $ 32,800, $ 33,500 and $ 33,800.

Source: NewsBTC

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