Bitcoin Bulls Take Back Seat But Here’s Why Dips Are Still Attractive

2023-10-25 04:37:47

Bitcoin price started a downside correction from the $35,000 resistance. BTC could start a fresh increase unless there is a move below $32,800.

Bitcoin rallied toward the $35,000 resistance before the bears appeared.
The price is trading above $33,200 and the 100 hourly Simple moving average.
There is a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower toward the $33,000 zone before it starts a fresh increase.

Bitcoin Price Corrects Gains

Bitcoin price rallied over 15% after there was speculation of spot ETF being listed DTCC. BTC surged toward the $35,000 resistance zone before the bears appeared.

A new multi-week high was formed near $35,225. Recently, the price started a downside correction below the $34,500 level. There was a move below the 23.6% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.

Bitcoin is now trading above $33,200 and the 100 hourly Simple moving average. There is also a key breakout pattern forming with resistance near $34,050 on the hourly chart of the BTC/USD pair. The triangle support is close to the 50% Fib retracement level of the upward move from the $29,694 swing low to the $35,225 high.

On the upside, immediate resistance is near the $34,050 level. The next key resistance could be near $34,800. The main resistance is now forming near the $35,000 zone.

Source: BTCUSD on TradingView.com

A clear move above the $35,000 barrier might send the price toward the $36,200 resistance. The next key resistance could be $37,000. Any more gains might send BTC toward the $38,000 level in the coming days.

More Losses In BTC?

If Bitcoin fails to rise above the $34,050 resistance zone, it could continue to move down. Immediate support on the downside is near the $33,400 level.

The next major support is near the $32,800 level and the triangle trend line. If there is a move below the trend line support, the price may perhaps decline toward the $31,500 level in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $33,400, followed by $32,800.

Major Resistance Levels – $34,050, $34,800, and $35,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.