Bitcoin price gained strength for a fresh recovery and broke $33,500 against the US Dollar. BTC is likely to continue above $35,000 in the near term. According to technical analysis by NewsBTC’s Aayush Jindal:
- Bitcoin started a fresh increase after the bulls defended the crucial support at $30,000.
- The price is now trading well above $33,500 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair is showing positive signals and it may soon attempt a clear break above $35,000.
Bitcoin (BTC) Price Turns Green
Contact us to be informed about the last minute developments. Twitter and Telegram You can follow our channel.
Bitcoin fell again but the bulls were active above the main $30,000 support zone. BTC formed a bottom above the $30,000 zone to start a fresh increase. BTC broke the $32,500 resistance to move into positive territory.
There was a clear break above the 50% Fib retracement level of the downside move from the $35,460 low to $30,200 high. It even cleared the $33,500 resistance zone and settled well above the 100 hourly simple moving average.
Moreover, there was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair. The pair even climbed above the 76.4% Fib retracement level of the downside move from the $35,460 low to $30,200 high.
The current price action is positive and it looks like Bitcoin may continue to rise towards the $35,000 resistance. The next important resistance is located near $35,500. Above this, the bulls are likely aiming for a rally towards $38,000. The main resistance is still near the $40,000 zone.
Will Bitcoin (BTC) Drop?
If bitcoin fails to break the $35,000 or $35,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,000 level.
The next major support is near the $33,500 level. The main support is now forming near the $33,000 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh decline towards the $30,000 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 55 level.
- Major Support Levels – $33,500 followed by $33,000
- Major Resistance Levels – $35,000, 35,500 and $36,500