Bitcoin price has been volatile throughout the weekend session, with most indicators green on Sunday, but that didn’t last long.
Where the price of Bitcoin fell below the $35,000 level, and returned to fluctuate again with the bulls seeking to maintain the $33,000 support and restart the upward trend towards $36,000.
At the time of writing this article, the major cryptocurrency is trading at just over $34,000.
The 50 SMA provides immediate support.
A break below the area is likely to lead to the $30K level.
Can Bitcoin Price Maintain Uptrend?
The four hour chart below shows Bitcoin trading within the bounds of an ascending parallel channel.
If the support at “50 SMA” and “100 SMA” fails to hold, the lower edge of the channel will be touched.
Bitcoin could boost above $36,000 if it travels in the middle of the channel.
It appears that a golden cross pattern has formed on the daily chart.
This technical pattern developed the moment the 50-day moving average crossed above the 100-day moving average.
Some of the leading technical analysts in the industry see this pattern as one of the most definitive buy signals that could start a bullish journey.
Looking from another angle:
The MACD indicator adds credibility to the pessimistic outlook, as shown on the previous chart.
This technical indicator, which is following the trend’s path and calculating its momentum, appears to be turning bearish during the same time frame for the first time since June 30th.
Where the 12-day EMA crosses below the 26-day EMA, significantly increasing the odds of a bearish impulse.
Bitcoin levels today:
- Spot price: $34,200
- Volatility: low
- Support: $33,000
- Resistance: $36000