Bitcoin price began to surge above the $ 35,000 resistance against the US dollar. BTC is showing a lot of positive signs right now and could even surpass $ 38,000.
- Bitcoin began a steady spike above the $ 35,000 and $ 36,000 resistance levels.
- The price is currently 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 35,000.
- The pair is likely to accelerate higher as it breaks the $ 38,000 resistance zone in the short term.
Bitcoin price turns green
Bitcoin found strong buying interest near the $ 31,000 zone and started a steady surge. BTC has overcome many key hurdles near $ 35,000 to get into a positive zone.
The hourly chart for the BTC / USD pair also broke through a large bearish trendline with resistance near USD 35,000. The pair even settled above the USD 36,000 resistance and the 100-hour simple moving average.
Bitcoin climbed above the $ 37,000 mark and traded as high as $ 37,484. It is now consolidating profits above the $ 37,000 mark. Immediate support is near the $ 36,500 mark. The first major support is near the $ 36,000 zone. It is near the 23.6% Fib retracement level of the move up from the low of $ 31,050 to the high of $ 37,484.
Source: BTCUSD on TradingView.com
The next big support is near the $ 35,000 level and the 100-hour simple moving average. The 50% fib retracement level of the move up from the low of $ 31,050 to the high of $ 37,484 is the next support near the $ 34,250 level.
On the flip side, the first major resistance is near the $ 37,500 mark. The main resistance is near the $ 38,000 zone, above which the price could rise towards the $ 40,000 mark in the short term.
Dips in BTC supported?
If Bitcoin fails to break the $ 38,000 resistance, there could be a downward correction. Initial support on the downside is near the $ 36,500 mark.
The first major support is near the $ 36,000 mark. The main support is now forming near the $ 35,000 mark and the 100 hour SMA. If the price doesn’t stay above $ 35,000, the price could drop to $ 32,000.
Hourly MACD – The MACD is now gaining pace in the upward zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 50 mark.
Major Support Levels – $ 36,000, followed by $ 35,000.
Main Resistance Levels – $ 37,500, $ 38,000, and $ 40,000.