Bitcoin price broke the key USD 36,000 and USD 36,500 resistance levels against the US dollar. BTC is in a positive zone again and is likely to continue higher towards USD 38,800 and USD 39,200.
- Bitcoin climbed nicely higher, clearing the 36,000 and USD 36,500 resistance levels.
- The price is now trading nicely above the USD 37,000 level and the 100-hour simple moving average.
- There was a break above a major bearish trendline with resistance near $ 34,300 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair could continue to rise towards the USD 38,800 and USD 39,200 resistance levels.
Bitcoin price rises by 10%
After forming a support base above USD 32,000, bitcoin price started to rally again. BTC surpassed the USD 34,000 and USD 35,000 resistance levels to move into a positive zone.
The bulls gained momentum as it broke above a major bearish trendline with resistance near $ 34,300 on the hourly chart of the BTC / USD pair. The pair has consolidated above the trend line before moving above the $ 36,000 resistance level.
There was a strong wave and the price cleared the USD 37,000 level as well. The price traded as high as $ 38,223 and was well above the 100 simple hourly moving average.
Source: BTCUSD on TradingView.com
On the downside, an initial support is near the USD 36,800 level. It is close to the 23.6% Fib retracement level of the recent rise from the $ 32,320 swing low to the $ 38,223 high. The main support is now forming near the USD 36,000 level and the 100-hour simple moving average (the recent breakout zone).
Bitcoin price is clearly visible positive signs and it looks like it could continue to rise towards the USD 38,800 resistance level. The next key resistance is at USD 39,200, above which the price could retest USD 40,000.
Dips are attractive in BTC?
If bitcoin starts a downside correction, the USD 36,000 zone will likely act as a hugely strong position. The next support is near the USD 35,250 level. It is close to the 50% Fib retracement level of the recent rise from the $ 32,320 swing low to the $ 38,223 high.
A downward break below the USD 35,200 and USD 35,000 support levels could potentially push the price back into a bearish zone in the near term.
Hourly MACD – The MACD is slowly gaining traction in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 level.
Key Support Levels – USD 36,250, followed by USD 36,000.
Key Resistance Levels – USD 38,250, USD 38,800 and USD 39,200.