TA: Bitcoin Reaches Key Juncture, Why BTC Could Struggle To Recover

TA: Bitcoin Reaches Key Juncture, Why BTC Could Struggle To Recover


Bitcoin price extended its decline below the $33,500 support against the US Dollar. BTC is now consolidating above $32,200, below which it could accelerate lower.

Bitcoin started a fresh decline below the $33,500 and $33,200 support levels. The price is now trading below the $33,000 support and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $33,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct higher, but the bulls are likely to face resistance near $33,500. Bitcoin Price Testing Key Support

Bitcoin failed to stay above the $33,500 support and it extended its decline. BTC even broke the $33,000 support zone and it settled well below the 100 hourly simple moving average.

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The price even spiked below $32,200, but there was no follow through move. It is now consolidating losses above the $32,200 support zone. It is now approaching the 23.6% Fib

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