Bitcoin is attempting to recover higher on Wednesday, following the recent steep price slump towards the $31,000 support area. The four-hour time frame shows that if bulls can recover the price above the $34,200 level then a further recovery towards $36,500 appears possible. Failure to hold the price above $34,200 level and a slump back towards the $32,000 level could happen.
The BTCUSD pair is only bullish while trading above the $34,200 level, key resistance is found at the $35,000 and the $36,500 levels.
If the BTCUSD pair trades below the $34,200 level, sellers may test the $32,000 and $31,000 levels.
