{"id":110341,"date":"2021-01-27T05:09:06","date_gmt":"2021-01-27T05:09:06","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110341"},"modified":"2021-01-27T05:09:06","modified_gmt":"2021-01-27T05:09:06","slug":"ta-bitcoin-holds-strong-at-31k-why-the-bulls-are-facing-uphill-task","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-holds-strong-at-31k-why-the-bulls-are-facing-uphill-task\/","title":{"rendered":"TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task"},"content":{"rendered":"<p><em>Bitcoin price is stuck in a range below the $33,500 and $33,800 resistance levels against the US Dollar. BTC is likely to continue lower unless it clears the $33,800 resistance.<\/em><\/p>\n<ul>\n<li>Bitcoin retested the $31,000 zone and managed to stay in a range.<\/li>\n<li>The price is currently facing resistance near $32,800 and the 100 hourly simple moving average.<\/li>\n<li>There is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could trade in a range, with a strong resistance near $33,500 and $33,800.<\/li>\n<\/ul>\n<h2>Bitcoin Price Is Facing Strong Resistance<\/h2>\n<p>After a failed attempt to clear the $35,000 resistance, bitcoin price trimmed gains and traded below $33,800. BTC even broke the $32,500 level and settled below the 100 hourly simple moving average.<\/p>\n<p>There was a spike below the $31,000 level, but it remained stable above $30,800. A low is formed near $30,823 and the price is currently recovering higher. It surpassed the 23.6% Fib retracement level of the downward move from the $34,915 high to $30,823 low.<\/p>\n<p>Bitcoin price is currently facing resistance near $32,800 and the 100 hourly simple moving average. The 50% Fib retracement level of the downward move from the $34,915 high to $30,823 low is also near $32,800.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/Bitcoin-21.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>At the outset, it seems like there is a short-term ascending channel or a bear flag forming with support near $31,900 on the hourly chart of the BTC\/USD pair.&nbsp; To continue higher, the bulls need to gain strength above $32,500, $32,800 and the 100 hourly SMA.<\/p>\n<p>The next strong resistance is near the $33,500 and $33,800 levels. A close above $33,800 could increase the chances of a steady rise in the coming sessions.<\/p>\n<h2>Fresh Dip in BTC?<\/h2>\n<p>If bitcoin fails to clear the $32,800 resistance or $33,500, it could start a fresh decline. An initial support is near the channel support at $31,900.<\/p>\n<p>A clear break below the channel support could open the doors for a larger decline towards the $30,800 support. Any more losses may possibly call for a downside break below the $30,000 support zone.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is struggling to gain momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is now close to the 50 level.<\/p>\n<p>Major Support Levels &ndash; $31,800, followed by $30,800.<\/p>\n<p>Major Resistance Levels &ndash; $32,800, $33,500 and $33,800.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-holds-strong-at-31k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is stuck in a range<\/p>\n","protected":false},"author":3,"featured_media":110340,"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 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Bitcoin Holds Strong At $31K, Why The Bulls Are Facing Uphill Task - 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