Bitcoin price rose steadily above the $ 36,000 resistance against the US dollar. BTC even broke $ 37,000 and is now showing positive signs.
- Bitcoin gained upward momentum above the $ 35,000 and $ 36,000 resistance levels.
- The price is currently trading well above $ 36,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a large bearish trendline with resistance near USD 36,000.
- The pair could correct lower but the bulls should remain active near $ 36,000.
Bitcoin price is picking up pace
Bitcoin formed a base above the $ 34,000 zone and saw a steady increase. BTC broke the USD 35,000 and USD 36,000 resistance levels to move into a positive zone.
The hourly chart for the BTC / USD pair broke through a large bearish trendline with resistance near USD 36,000. The pair climbed above the 50% fib retracement level of the key decline from the $ 40,420 swing high to the $ 33,630 low.
The price even broke the USD 37,000 resistance zone. However, the bears are struggling near the $ 38,000 mark. It appears that the 61.8% Fib retracement level of the key drop from the $ 40,420 swing high to the $ 33,630 low is acting as resistance.
Source: BTCUSD on TradingView.com
On the upside, there is immediate resistance near the $ 37,500 level. The first major resistance is near $ 38,000 and the recent high. A significant break above the $ 38,000 zone could set the pace for a bigger move. The next major resistance is near the $ 40,000 mark. Intermediate resistance could be near the $ 38,800 level.
Dips supported in BTC?
If Bitcoin fails to offset the $ 38,000 resistance, it could correct lower. Initial support on the downside is near the $ 36,500 level.
The first major support is near the $ 36,000 level and the 100-hour simple moving average. If there is a downside break below the USD 36,000 support, the price could fall towards the USD 35,200 support zone in the coming sessions. Further losses could pave the way for a retest of the $ 34,000 level.
Hourly MACD – The MACD is slowly losing pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is sliding towards 50.
Major Support Levels – $ 36,000, followed by $ 35,500.
Main Resistance Levels – $ 37,500, $ 38,000, and $ 40,000.