The flux of Bitcoin’s value continues as its price wavers above the $34,500 and $34,000 marks. Pivotal to the elusive rally everyone’s anticipating is its capacity to break past the resistance at $35,350.
Despite struggling to garner momentum necessary for a surge beyond $35,250 and $35,350, Bitcoin hovers around the $34,850 mark, shadowed by the 100 hourly Simple moving average. Currently, a prominent contracting triangle with support around $34,250 is emerging on the hourly chart of the BTC/USD pair.
In the event of a decisive surge above the $35,350 resistance, a bullish momentum for Bitcoin is fairly plausible. The cryptocurrency’s narrative thus far has played out on a plateau above the $34,000 support. While numerous attempts have been made to break through the $35,000 wall, bearish forces have managed to keep the price range in check at $35,250 and $35,350.
Several concerted efforts from the bulls to overcome the $35,250 proved futile. A pinnacle of $35,382 was reached momentarily before a downward correction in price ensued. A drop beneath the $35,000 benchmark ensued with the price spiking momentarily below the 50% Fib retracement level. This move traced the upward trajectory from a swing low of $34,133 to a high of $35,382.
Currently hovering around the $34,850 mark along the line of the 100 hourly Simple moving average, a major contracting triangle is taking shape with its support near $34,250. This triangle support coincides with the 76.4% Fib retracement level from the same upward swing.
Glancing upwards, the immediate resistance looms at $35,000 with a potential barrier emerging at $35,050 on the triangle’s upper trend line. In the event of a prompt surge beyond the $35,050 resistance, the path towards a $35,250 resistance becomes plausible.
Should Bitcoin manage to surpass the $35,350 resistance, a surge towards $36,000 is quite possible, further gains potentially steering Bitcoin towards the $36,200 level. However, failure to climb beyond the $35,000 resistance may induce a continued downward trajectory.
Immediate support in a downward drift lurks around the $34,600 low, with more substantial support nearing the $34,250 territory and the lower trend line of the triangle. Should the $34,250 support fail, further declines loom as a risk , potentially leading to a drop below the support of $34,000 in the short term.
The shifting technical indicators reveal an ascending speed in the bearish zone for Hourly MACD, while for the Hourly RSI, the BTC/USD is now marginally below the 50 mark.
Feel free to follow the trends in the fluctuating world of cryptocurrency. As we at the West Island Blog strive to keep you updated about the changing financial scenario, we also offer suggestions about the most entertaining aspects of your life, like the best online casinos to venture into. For an enhanced experience, check out our best picks for this month. You’re welcome to partake in the exciting milieu of online gaming and perhaps even test your luck!
