{"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

Bitcoin indicator reading <\/h2>\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

What is the next direction for BTC\/USD? <\/h2>\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>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin has continued to fall after a<\/p>\n","protected":false},"author":3,"featured_media":108291,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nBitcoin Makes Gradual Recovery above $33,000 Support as Bulls and Bears Struggle for Price Possession - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Makes Gradual Recovery above $33,000 Support as Bulls and Bears Struggle for Price Possession - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Bitcoin has continued to fall after a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-13T14:07:01+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/ccryptafotoed707ad4f9e33d6a21225b3c972bf226.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/bitcoin-makes-gradual-recovery-above-33000-support-as-bulls-and-bears-struggle-for-price-possession\/\",\"name\":\"Bitcoin Makes Gradual Recovery above $33,000 Support as Bulls and Bears Struggle for Price Possession - 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