{"id":108292,"date":"2021-01-13T14:07:01","date_gmt":"2021-01-13T14:07:01","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108292"},"modified":"2021-01-13T14:07:01","modified_gmt":"2021-01-13T14:07:01","slug":"bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession\/","title":{"rendered":"Bitcoin Makes Gradual Recovery above $33,000 Support as Bulls and Bears Struggle for Price Possession"},"content":{"rendered":"
Bitcoin has continued to fall after a second rejection from the recent high. The coin is still fluctuating above the $33,000 support.<\/strong><\/p>\n There is a tendency for the price to retest the previous support at $31,000. A break below the current support will mean a further downward movement of the coin. If the price rebounds above the support, there is the likelihood of upside momentum. <\/p>\n Bitcoin\u2019s decline is not unconnected with the recent rallies. Bitcoin has been trading in the overbought region after breaking the psychological price level of $20,000. The bullish momentum continued as Bitcoin traded above $40,000 high. Nevertheless, there is always a risk of a sharp decline in vertical rallies. Bitcoin is trading at $33,284 at the time of writing.<\/p>\n BTC price retests 21-day SMA. A break below the SMAs suggests a decline of the BTC price. BTC price is at level 57 of the Relative Strength Index period 14. Bitcoin is in the uptrend zone and above centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the current uptrend.<\/p>\n <\/p>\n Key Resistance Zones: $40,000, $41,000, $42,000 <\/b><\/p>\n <\/b><\/p>\n Key Support Zones: $20, 000, $19, 000, $18,000 <\/b><\/p>\n Bitcoin is struggling above the $33,000 support as bears continue to push on the downside. A Fibonacci tool has indicated a downward movement of the coin. On January 11 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement gives the impression that BTC will fall to level 1.618 Fibonacci extensions. That is a low of $23,624.40. <\/p>\n <\/p>\n Disclaimer. This analysis and forecast are the personal opinions of the author that 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.<\/i><\/p>\nBitcoin indicator reading <\/h2>\n
What is the next direction for BTC\/USD? <\/h2>\n