{"id":107215,"date":"2021-01-05T05:42:49","date_gmt":"2021-01-05T05:42:49","guid":{"rendered":"https:\/\/precoinnews.com\/?p=107215"},"modified":"2021-01-05T05:42:49","modified_gmt":"2021-01-05T05:42:49","slug":"ta-bitcoin-price-starts-fresh-increase-why-33500-is-the-key","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-price-starts-fresh-increase-why-33500-is-the-key\/","title":{"rendered":"TA: Bitcoin Price Starts Fresh Increase, Why $33,500 Is The Key"},"content":{"rendered":"<p><em>Bitcoin price declined sharply towards the $28,000 zone against the US Dollar. BTC is currently rising, but it might face a strong resistance near $33,200 and $33,500.<\/em><\/p>\n<ul>\n<li>Bitcoin almost 20% towards the $28,000 level before starting a fresh increase.<\/li>\n<li>The price is now back above $31,000 and trading nicely above the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major bearish trend line with resistance near $32,350 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue higher, but it might face a strong resistance near the $33,500 zone.<\/li>\n<\/ul>\n<h2>Bitcoin Price Showing Positive Signs<\/h2>\n<p>Yesterday, we bitcoin price saw a sharp downside correction below the $32,000 support zone. BTC broke many important supports near $30,000 and it even spiked below the 100 hourly simple moving average.<\/p>\n<p>It declined nearly 20% from the high and tested the $28,000 support zone. A low was formed near $27,967 before the price started a fresh increase. There was a steady rise and the price recovered above the $30,000 level. There was also a break above the 50% Fib retracement level of the downside correction from the $34,850 swing high to $27,967 swing low.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/Bitcoin-2.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>More importantly, there was a break above a major bearish trend line with resistance near $32,350 on the hourly chart of the BTC\/USD pair. The pair is now back above $31,000 and trading nicely above the 100 hourly simple moving average.<\/p>\n<p>It is trading above the 61.8% Fib retracement level of the downside correction from the $34,850 swing high to $27,967 swing low. On the upside, there are a couple of important hurdles near $33,500 and $33,800.<\/p>\n<p>A successful break and follow through move above the $33,500 is must for upside continuation. The next key resistance could be near the $35,000 zone.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin fails to clear the $33,200 and $33,500 levels, it could start a fresh downward move. An initial support on the downside is near the broken trend line and $32,200.<\/p>\n<p>The first major support is near the $31,400 level and the 100 hourly simple moving average. A close below the 100 hourly SMA could start a steady decline towards the $30,000 level or even $29,500 in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is well above the 50 level.<\/p>\n<p>Major Support Levels &ndash; $32,200, followed by $31,400.<\/p>\n<p>Major Resistance Levels &ndash; $33,200, $33,500 and $33,800.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-price-starts-fresh-increase-33500-key\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price declined sharply towards the $28,000<\/p>\n","protected":false},"author":3,"featured_media":107214,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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