Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price started a strong increase above the $35,000 resistance against the US Dollar. BTC is currently showing a lot of positive signs and it could even surge above $38,000.
- Bitcoin started a steady increase above the $35,000 and $36,000 resistance levels.
- The price is currently well above $36,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher if it clears the $38,000 resistance zone in the near term.
Bitcoin Price Turns Green
Bitcoin found a strong buying interest near the $31,000 zone and it started a steady increase. BTC broke many important hurdles near $35,000 to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair. The pair even settled above the $36,000 resistance and the 100 hourly simple moving average.
Bitcoin climbed above the $37,000 level and traded as high as $37,484. It is now consolidating gains above the $37,000 level. An immediate support is near the $36,500 level. The first key support is near the $36,000 zone. It is close to the 23.6% Fib retracement level of the upward move from the $31,050 swing low to $37,484 high.
Source: BTCUSD on TradingView.com
The next major support is near the $35,000 level and the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $31,050 swing low to $37,484 high is the next support near the $34,250 level.
On the upside, the first major resistance is near the $37,500 level. The main resistance is near the $38,000 zone, above which the price could rally towards the $40,000 level in the near term.
Dips Supported in BTC?
If bitcoin fails to clear the $38,000 resistance, it could start a downside correction. An initial support on the downside is near the $36,500 level.
The first major support is near the $36,000 level. The main support is now forming near the $35,000 level and the 100 hourly SMA. If the price fails to stay above $35,000, the price could dive to $32,000.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $36,000, followed by $35,000.
Major Resistance Levels – $37,500, $38,000 and $40,000.
