- Bitcoin price pulls the entire market down as support at $33,000 is tested.
- BTC’s short-term technical indicators flash sell signal as losses gain momentum.
Bitcoin price seems to have abandoned the uptrend toward $40,000 due to the resistance at $35,000. Over the last two weeks, BTC’s price action within the confines of an ascending parallel pattern.
In addition to the 200 Simple Moving Average (SMA) resistance, selling orders soared amid the bullish camp’s exhaustion. At the time of writing, support at $34,000 has been lost, giving Bitcoin leeway to explore the rabbit hole to $33,000.
Bitcoin price declines to $30,000 linger
BTC/USD four-hour chart
Support at $33,000 remains critical to the resumption of the uptrend. However, if broken, traders should prepare for the correction to continue. The Relative Strength Index (RSI) has dipped below the midline and is closing in on the oversold region, adding credence to the bullish outlook.
The Moving Average Convergence Divergence (MACD) indicator has also presented a sell signal in the same four-hour timeframe. This indicator follows the trend of an asset and calculates its momentum. In turn, the MACD sends out bullish and negative signals.
Following the MACD line (blue) crossing beneath the signal line, a call to sell appeared. The MACD dip will reinforce this bearish outlook under the mean line (blue) into the negative region.
Note that bulls hope to secure the support at $33,000, but if they fail to, the next anchor is expected at $32,000, which may avert the bearish leg from extending to $30,000.
Bitcoin price intraday levels
Spot rate: $33,350
Trend: Bearish
Volatility: Expanding
Support: $33,000 and $32,000
Resistance: $34,000 and $36,000
