Bitcoin price started another rally and broke the USD 35,500 resistance against the US dollar. BTC traded to a new all-time high near USD 37,400 before a consolidation began.
- Bitcoin is up more than 10% and broke the USD 35,500 and USD 36,500 resistance levels.
- The price that traded to a new all-time high near USD 37,400 is still well above the 100 simple hourly moving average.
- A major bullish trendline is forming with support near USD 35,880 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair is likely to continue moving towards USD 38,500 and USD 39,800 if the current trend remains intact.
Bitcoin price rises 10%
After a little decline, bitcoin price regained strength above the USD 34,000 level. BTC started a surge again and broke many hurdles near the USD 35,500 and USD 36,500 resistance levels.
The price even spiked above the USD 37,000 level, reaching well above the 100 easy hourly moving average. It traded to a new all-time high of nearly USD 37,400 and is currently consolidating its gains. An initial support on the downside is near the USD 36,650 level.
The 23.6% Fib retracement level from the recent rise from the swing low of $ 34,378 to the high of $ 37,394 is near the $ 36,682 level. A major bullish trendline is also forming with support near USD 35,880 on the hourly chart of the BTC / USD pair.
Source: BTCUSD on TradingView.com
The trend line is close to the 50% Fib retracement level of the recent rise from the swing low from $ 34,378 to $ 37,394 high. On the upside, the $ 37,250 and $ 37,400 levels are the first hurdles for the bulls.
A clear break above the $ 37,400 level will most likely open the doors for one greater increase. In the case mentioned, the price could even climb towards the USD 38,500 and USD 39,800 levels in the coming sessions.
Dips supported in BTC?
If bitcoin fails to clear the USD 37,250 and USD 37,400 levels, it could initiate a downside correction in the near term. An initial support on the downside is near the USD 36,650 and USD 36,500 levels.
The main support is now forming near the USD 35,800 level and the bullish trendline. Even more losses could potentially trigger a major downside correction towards the $ 33,000 level or the 100 hourly SMA.
Hourly MACD – The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 60 level.
Key Support Levels – USD 36,600, followed by USD 35,800.
Key Resistance Levels – USD 37,400, USD 38,500 and USD 39,800.