Bitcoin price cleared the key $35,000 resistance. BTC is showing positive signs and might rally toward the $36,200 and $37,000 levels in the near term.
Bitcoin is gaining pace above the $35,000 resistance.
The price is trading above $35,000 and the 100 hourly Simple moving average.
There was a break above a rising channel with resistance at $34,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing positive signs and might rise toward the $37,000 resistance in the near term.
Bitcoin price remained well-bid above the $34,000 support zone. BTC formed a base, completed a consolidation phase, and recently started a decent increase above the $34,750 resistance.
There was a break above a rising channel with resistance at $34,850 on the hourly chart. The bulls were able to pump the price above the last swing high and $35,500. It traded to a new multi-week high at $35,945 and is still showing positive signs.
Bitcoin is now trading above $34,260 and the 100 hourly Simple moving average. It is also well above the 23.6% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high.
On the upside, immediate resistance is near the $35,950 level. The next key resistance could be near $36,200. A clear move above the $36,200 resistance might open the doors for a decent 5% increase toward the $37,000 resistance.
Source: BTCUSD on TradingView.com
The next key resistance could be $37,500, above which the price could rise toward $38,000. Any more gains might send BTC toward the $38,800 level.
If Bitcoin fails to rise above the $35,950 resistance zone, it could start a downside correction. Immediate support on the downside is near the $35,500 level.
The next major support is near the $35,000 level or the 50% Fib retracement level of the recent increase from the $34,120 swing low to the $35,945 high. If there is a move below $35,000, there is a risk of more downsides. In the stated case, the price could drop toward the $34,500 level or the 100 hourly Simple moving average.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone.
Major Support Levels – $35,500, followed by $35,000.
Major Resistance Levels – $35,950, $36,200, and $37,000.
[#item_full_content]NewsBTCRead MoreFractal Bitcoin is a recently launched project that bills itself as “the only native scaling…
Bitcoin (BTC) could be gearing up for a new All-Time High (ATH) this year if…
Forget the Federal Reserve. The Bitcoin and crypto project news flow is ample (and fascinating)…
Market participants were uncertain about the size of rate cut prior to the Fed meeting,…
The long-awaited day has arrived: the US Federal Reserve (Fed) has announced its decision to…
Traders on the Chicago Mercantile Exchange (CME) have been increasing their short positions on Bitcoin…
