TA: Why Bitcoin Price Above $34K Could Start A Strong Surge

Bitcoin price corrected lower, but it remained well bid above $32,000 against the US Dollar. BTC is currently rising, but it must clear the $34,000 resistance for a steady increase.

Bitcoin is slowly gaining momentum above the $33,000 and $33,200 resistance levels.
The price is currently trading above the $33,500 level and the 100 hourly simple moving average.
There is a major declining channel forming with resistance near $34,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a strong upward move if it clears the $34,000 resistance level.

Bitcoin Price Is Showing Recovery Signs

There was a downside extension in bitcoin price below the $33,200 support level. BTC even broke the $32,500 support level and the 100 hourly simple moving average. However, the bulls were able to protect the $32,000 support zone.

A low is formed near $32,178 and the price is currently rising. It broke the $32,500 and $33,000 resistance levels. There was also a break above the 23.6% Fib retracement level of the downward move from the $38,612 high to $32,178 low.

Source: BTCUSD on TradingView.com

Bitcoin price is now trading above the $33,500 level and the 100 hourly simple moving average. It is testing the key $34,000 resistance zone. There is also a major declining channel forming with resistance near $34,000 on the hourly chart of the BTC/USD pair.

The channel resistance is close to the 50% Fib retracement level of the downward move from the $38,612 high to $32,178 low. A successful break above the $34,000 resistance level could open the doors for a larger increase in the coming sessions. The next major resistance sits at $35,400, followed by $36,200.

Fresh Dip in BTC?

If bitcoin fails to clear the $34,000 resistance zone, there is a risk of a fresh decline. An initial support is near the $33,000 level. The next major support is near the $32,200 level.

Any more losses could lead the price towards the channel lower trend line at $31,500. If the price fails to stay inside the channel, it could easily dive towards the $30,000 support zone.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $33,000, followed by $32,200.

Major Resistance Levels – $34,000, $35,000 and $35,400.

from NewsBTC https://ift.tt/2YtB1tA
via IFTTT

Comments

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges decentralized finance face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival. Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community. Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...

How much is too much? Crypto art market brings together deep pockets and big artists

In the future, owning unique art won’t be restricted to the elites, but will everyone have digital art on their walls? With the nonfungible token market approaching the frothing point, perhaps it’s time to sit back and ask: “What’s happening here?” The $750,000 in proceeds from the recent sale of a single “alien” CypherPunk NFT, after all, could have paid for a reasonably sized house. The crypto world at large is only 12 years old, entering adolescence, but crypto art — art on a blockchain — and nonfungible tokens are just out of their terrible twos. The launch of an epoch-defining CryptoKitties goes back to 2017 and 2018, and Ethereum’s nonfungible token, ERC-721 — which is used by many digital galleries and also non-art NFTs — wasn’t developed and rolled out until early 2018. What is being discussed here is still very new. Moreover, Bitcoin ( BTC ), the world’s first blockchain project, was initially just a more efficient way to transfer money, though it soon became more — a k...

Crypto Coin Search

Search This Blog