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BTCUSD has fallen below the $32,000 support level after another Chinese province announced that they are banning Bitcoin mining. The BTCUSD pair is likely to target the $31,000 support level while weakness persists below the $33,000 resistance level. In order for a meaningful recovery to begin the BTCUSD pair needs to start to strengthen above the $33,800 resistance level.
The BTCUSD pair is only bullish while trading above the $33,000 level, key resistance is found at the $33,800 and $34,700 levels.
If the BTCUSD pair trades below the $33,000 level, sellers may test the $31,500 and $31,000 levels.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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