Bitcoin price started a steady rise above the $36,000 resistance against the US Dollar
BTC even broke $37,000 and is currently showing positive signs. According to technical analysis by NewsBTC’s Aayush Jindal:
- Bitcoin gained bullish momentum above the $35,000 and $36,000 resistance levels.
- The price is now trading well above $36,000 and it is trading well above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could correct the drop but the bulls are likely to remain active around $36,000.
Bitcoin (BTC) Price Increase Accelerating
Bitcoin formed a foothold above the $34,000 zone and started a steady rise. BTC broke the $35,000 and $36,000 resistance levels to move into positive territory.
There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. The pair settled above the 50% Fib retracement level of the key decline from the $40,420 low to $33,630 high.
The price even broke the $37,000 resistance zone. However, the bears are fighting near the $38,000 level. It seems like the 61.8% Fib retracement level of the key decline from the $40,420 high to $33,630 high is acting as a resistance.
On the upside, an immediate resistance is near the $37,500 level. The first major resistance is near the $38,000 level and the recent high. A clear break above the $38,000 zone could set pace for a larger increase. The next major resistance is near the $40,000 level. An intermediate resistance could be near the $38,800 level.
Will Bitcoin (BTC) Price Drop?
If bitcoin fails to clear the $38,000 resistance, it could correct lower. An initial support on the downside is near the $36,500 level.
The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could decline towards the $35,200 support zone in the coming sessions. Any more losses could open the way for a retest of the $34,000 level.
- Hourly MACD – The MACD is slowly slowing down in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is sliding towards the 50 level.
- Major Support Levels – $36,000 then $35,500
- Major Resistance Levels – $37,500, $38,000, and $40,000