Bitcoin is attempting an upside break above the $38,800 resistance zone against the US Dollar. BTC could rally further unless it fails to stay above $37,400.
Bitcoin started a fresh increase and was able to clear the $38,000 resistance zone.
The price is now trading above $37,500 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if there is a clear move above the $38,800 resistance zone.
Bitcoin Price Starts Fresh Increase
Bitcoin price corrected lower below the $38,000 pivot level. BTC even traded below $37,000, but the bulls were active near the $37,650. A low was formed near $36,667 and the price started a fresh increase.
There was a clear move above the $37,500 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair.
The pair surged above the $38,000 resistance zone. A high is formed near $38,786, and bitcoin is now facing a major resistance near the $38,800 zone.
It is currently trading near the 23.6% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high. On the upside, an initial resistance is near the $38,500 level.
Source: BTCUSD on TradingView.com
The first major resistance is near the $38,800 zone. A clear move above the $38,800 zone could push the price further higher. The next key resistance is near the $39,500 zone. If the bulls able to clear the $39,500 level, the price may perhaps clear the $40,000 resistance zone.
Downsides Limited in BTC?
If bitcoin fails to start a fresh increase above $38,800, it could start a downside correction. An immediate support on the downside is near the $38,000 zone.
The first major support is seen near the $37,750 zone. It is near the 50% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high. A downside break below the $37,500 support zone may perhaps push the price towards the $37,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $37,500, followed by $37,000.
Major Resistance Levels – $38,500, $38,800 and $40,000.
Bitcoin is attempting an upside break above the $38,800 resistance zone against the US Dollar. BTC could rally further unless it fails to stay above $37,400.
Bitcoin started a fresh increase and was able to clear the $38,000 resistance zone.
The price is now trading above $37,500 and the 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if there is a clear move above the $38,800 resistance zone.
Bitcoin price corrected lower below the $38,000 pivot level. BTC even traded below $37,000, but the bulls were active near the $37,650. A low was formed near $36,667 and the price started a fresh increase.
There was a clear move above the $37,500 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair.
The pair surged above the $38,000 resistance zone. A high is formed near $38,786, and bitcoin is now facing a major resistance near the $38,800 zone.
It is currently trading near the 23.6% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high. On the upside, an initial resistance is near the $38,500 level.
Source: BTCUSD on TradingView.com
The first major resistance is near the $38,800 zone. A clear move above the $38,800 zone could push the price further higher. The next key resistance is near the $39,500 zone. If the bulls able to clear the $39,500 level, the price may perhaps clear the $40,000 resistance zone.
If bitcoin fails to start a fresh increase above $38,800, it could start a downside correction. An immediate support on the downside is near the $38,000 zone.
The first major support is seen near the $37,750 zone. It is near the 50% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high. A downside break below the $37,500 support zone may perhaps push the price towards the $37,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $37,500, followed by $37,000.
Major Resistance Levels – $38,500, $38,800 and $40,000.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
Bitcoin is facing a critical juncture as its macro retracement converges with a tight mid-range…
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the…
Bitcoin’s bearish momentum has since reached a cool-off state, as price maintains above the last…
Executive John Ameriks emphasized Vanguard's core view of the crypto sector hasn't changed, seeing the…
The recommendation is in line with other global asset managers like BlackRock and Bank of…
The Bitcoin market is experiencing a gradual trend reversal following weeks of prolonged price correction…
