BTC Takes A Step Back After Massive Rally But New Surge Is Likely

BTC takes a step back after the massive rally recently that took the asset above $34,000 but analysts think that another rally is highly likely with this current situation so let’s take a closer look at the Bitcoin price news today.

Bitcoin’s price surged above $32,000 a few days ago and even traded to a new all-time high near $34,780 against the US dollar. BTC takes a step back now and is now correcting lower and it could even test the ,500 price level since it is showing a lot of positive signs and massive rally above the ,000 and the ,500 levels.
buy intagra generic buy intagra online no prescription

The price is correcting gains but remains well supported above the $31,500 and the 100 hourly simple moving average.

There’s also a major bearish trend line with the support nearing the $31,000 on the hourly charts of the pair with it being able to start an extended downside correction if it breaks the $32,500 support zone. There was a sharp increase in the BTC price above the $32,500 resistance zone as it broke the $33,500 and the $34,000 levels in order to continue higher. The bulls tried to test the $35,000 level so a new high was formed near the $34,780 level before the price started a downside correction. There was a break at the $33,500 level with the price even testing the $32,500 zone where it will be able to find strong support.

Bitcoin started consolidating in a range above the $32,500 zone with it being able to climb above the $33,000 level with a break above the 50% fib retracement level from the downside correction at the $34,780 swing high to the $32,333 swing low. However, the price failed to clear the $33,800 resistance zone and failed the 61.8% fib retracement level from the downside correction at the $34,780 swing high to the $32,333 swing low. The pair is trading in a contracting triangle with the support nearing the $33,550 zone on the hourly charts with a clear break above these levels that could open the doors for a fresh increase.

Closing above the $34,000 may increase further the chances of a push to the $35,000 and the $35,500 in the near-term. if BTC fails to clear the $33,500 level and the $33,800 level it could break the triangle support and drop lower. The next major support is nearing the $31,500 level, taking a step back. There’s also a major bullish trend line forming near the supports of $31,000 on the same chart and more losses could even lead the price to the $30,000 level with the 100 hourly SMA. The hourly MACD for the pair is gaining momentum in the bullish zone while the RSI for the pair is close to the 50 level.