Bitcoin (BTC) price continues its upward movement but fails to jump above the $33,100 hurdle. This is the second time buyers have failed to keep the BTC price above $33,100.
On July 13, during the first rejection, bitcoin broke down to support at $31,700. Yesterday, the bulls bought the dips as the price moved back up. The upside move ended as Bitcoin resumed a new downtrend.
The bears are trying to narrow the tight range between $31,000 and $34,400. The bottom line is that Bitcoin is at risk of further downside if it fails to break above resistance at $33,100. Today, BTC/USD is in a downtrend as the price approaches the $32,000 support. It is likely that the cryptocurrency will fall even lower if there is a clear break below the $32,000 support zone. Bitcoin will fall and revisit the lows at $28,000 and $20,000 if bearish momentum is maintained below the $31,000 support.
Bitcoin is at level 42 on the Relative Strength Index for period 14, indicating that the cryptocurrency is in the downtrend zone and below the mid-50s line. Currently, bitcoin is above the 25% area of the daily stochastic. It indicates that the cryptocurrency is in a bullish momentum, but contrary to the price action. The 21-day and 50-day lines SMA are sloping horizontally.
Major Resistance Levels - $65,000 and $70,000
Major Support Levels - $40,000 and $35,000
Bitcoin is likely to fall to regain the previous low. BTC price is falling after rejecting the high at $33,100. The price action has been characterized by small candlesticks called doji and spinning tops. These candlesticks describe that buyers and sellers are in a phase of indecision as the BTC price has been trading marginally.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.