Bitcoin price was bearish throughout the weekend, which started the new week with a minus. The main target of the bulls is to protect the support at $ 33,000 and resume the uptrend towards $ 36,000.
As of this writing, the flagship cryptocurrency is trading just above $ 34,200, with the 50 Simple Moving Average (SMA) continuing to provide support. A break below the zone is likely to trigger sellers to push the price down to $ 30,000.
The four-hour chart shows bitcoin trading within an upward parallel channel. If support at 50 SMA and 100 SMA does not hold, the lower edge of the channel will come in handy. On the other hand, the 200 SMA could delay the recovery, however, despite this, Bitcoin could rise above $ 36,000.
A golden cross appears to have formed on the daily chart. This technical pattern emerged when the 50-day moving average crossed the 100-day moving average. Some industry technical analysts see this pattern as one of the most compelling buy signals that could trigger a bullish rally.
Moving Average Convergence Divergence (MACD) reinforces the pessimistic outlook as seen in the chart. This technical indicator follows the trend path and calculates its momentum as if it is turning bearish for the first time since June 30. As the 12-day exponential moving average moved below the 26-day exponential moving average, the likelihood of a bearish momentum increased significantly.
Daily Bitcoin levels
The trend is bearish
Support: $ 33,000
Resistance: $ 36,000