June 22, 2021

After Increasing $2K In Hours, Bitcoin Slumps Below Critical Resistance: What’s Next? (BTC Price Analysis)

2 min read

Earlier today, Bitcoin price handled to increase by over $2,000 as it bounced from $32,800 to reach an everyday high of around $34,900, according to BItstamp. Nevertheless, as of composing these lines, BTC failed to hold and backtracked down below the important assistance turned resistance level of $34,000.

As of composing these lines, Bitcoin had actually failed to close the 4-hour candle light above the resistance at a short-term bearish.5 Fib Retracement of $34,450. As of now, it struggles to keep the crucial area of $34K.

Looking at the larger photo, Bitcoin recuperated well over the previous 24 hours, after another retest of the $30K – –$31K assistance area. As pointed out here the other day, the latter is the lower angle of a bearish triangle. On the longer scale, if Bitcoin losses the vital support around the $30K variety, then we can expect a retest of lower rate areas – – $26K and even$

24K. From the bullish side, Bitcoin would need to break $34,450 in order to aim for the significant resistance at the upper angle of the bearish triangle, as can be seen on the Daily chart below.

BTC Price Support and Resistance Levels to Watch

Key Support Levels: $33,100, $32,500, $32,000, $31,000, $30,760.

Key Resistance Levels: $34,000, $34,450, $35,00, $35,500 – – $35,800, $37,900.

Looking ahead, the very first level of resistance lies at $34,000, followed by $34,450 (bearish.5 Fib). Even more above lies $35,000, $35,500 (the upper angle of the triangle), and $35,800 (bearish.618 Fib).

On the other side, the first level of assistance lies at $33,100 (the other day’s low). This is followed by $32,500 (long term.5 Fib), $32,000, $31,000, and $30,760 (short term.786 Fib, and the other day’s low). Even more down lies assistance at $30,000 (base of coming down triangle), $29,630 (.5 Fib), and $29,000.

The day-to-day RSI went back to the midline, suggesting indecision within the BTC market.

Bitstamp BTC/USD Daily Chart

BTC/USD Daily Chart. Source: TradingView Bitstamp BTC/USD 4-Hour Chart BTC/USD 4-Hour Chart. Source: TradingView