Bitcoin price gained strength for a fresh increase and broke $35,000 against the US Dollar. BTC is likely to rally to $36,500 or even $37,000. According to technical analysis by NewsBTC’s Aayush Jindal:
- Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
- The price is now trading above $34,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair is showing positive signals and it could even rise towards $37,000 in the near term.
Bitcoin (BTC) Price Gains Speed
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Bitcoin formed a bottom above the $32,000 region to start a fresh increase. BTC broke the $33,500 resistance, the 100 hourly simple moving average, to move into a positive zone.
It gained strength above the 50% Fib retracement level of the downside move from the $36,200 low to $28,850 high. There was a break above a major bearish trend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.
The pair is now trading above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downside move from the $36,200 low to $28,850 high.
It is showing many positive signals and it could rise above $36,000. On the upside, an initial resistance is near the $36,200 level. The main resistance is currently near the $37,000 zone. Any further gains could lead the price towards the $38,000 region.
Will Bitcoin (BTC) Drop?
If bitcoin fails to break the $36,200 resistance or the $37,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,500 level.
The next major support is near the $34,000 level. The main support is currently forming near the $33,500 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh decline towards the $32,000 region in the coming sessions.
- Hourly MACD – The MACD is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
- Major Support Levels – $34,400 followed by $33,500
- Major Resistance Levels – $36,200, $37,000, and $38,000