BTC’s $34.5K Massive Resistance – What Next?

At the moment, Bitcoin experiences a massive resistance in the range between $34,000 and $34,500 mark. The levels seem to work perfectly as the leading coin breaks beneath $32,000. Moreover, Bitcoin indicates chances of falling to $30,500 before dipping further to $28,500.

Keep in mind that various market players had predicted the losses as the overall market lacks a significant catalyst to trigger price movements.

The ripple market indicates bear dominance, showing a declining triangle pattern. That follows the altcoin’s failure to conquer the $0.631 resistance zone, pulling back to $0.6000.

For now, the overall market remains calm, gradually plummeting as expected.

Daily Analysis

Bitcoin struggled with recoveries over the past days, claiming the $35K mark. However, the best cryptocurrency failed to conquer this level, dropping beneath $32000. While writing this, market indicators show that the coin might experience sell-offs dropping to $30.5K before plunging more to $28.5K levels. The market will require a double bottom at this level to ensure a mid-term positive outlook. However, that seems impossible at the moment. The $27.5K – $27K support is vital for extended losses.

Today, Bitcoin faces a massive resistance around $34K -$34.5K. A break of this level might send the coin at the $36K – $38.5K target, and probably to $41K.

Ripple fails to break the $0.6315 pivotal resistance, targeting the $0.6000 mark, before retesting $0.5200. Remember, XRP had $0.4940 highs in 2019. Breakdowns beneath this level are lethal, risking the $0.4400 plummets.

For now, the alternative coin has its crucial resistance at around $0.6315. That is after the asset didn’t manage to maintain slightly over the $0.6600. Any breaks over the level might see XRP trading at $0.73000 – $0.7400. If bears can take the XRP higher, it would target the levels around $0.7800 and further to $0.8000 – $0.8100.

Ethereum indicates negative sentiments as the leading altcoin faces extensive resistance at $2,250. That follows a break beneath the 2-d MA at $2,000, signaling a 61.8% Fib support target at $1,728. Also, ETH has chances to break below $1,700. At the moment, bulls have to break over $2,200 to hold ETH’s value above $2,000.

What do you think about the current BTC corrections? Share your views below.

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