Bitcoin price is showing positive signs above the $37,000 resistance zone. It appears that BTC is considering breaking the $38,000 resistance zone.
- Bitcoin started fresh growth and climbed above the $37,000 zone.
- The price is trading above $37,000 and the 100-hour simple moving average.
- There is a key bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- Once the pair overcomes the $37,800 and $38,000 levels, it may gain momentum.
Bitcoin price continues to rise
The price of Bitcoin remained stable and started a new rise above the $36,000 level. BTC climbed above the $37,000 level to move into positive territory and avoid further downside.
The upward momentum was such that the price even crossed the $37,350 level. A high was formed near $37,777 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from low $36,715 to high $37,777.
Bitcoin is now trading above $37,000 and the 100-hour simple moving average. There is also a key bullish trend line forming with support near $36,950 on the hourly charts of the BTC/USD pair.
On the positive side, immediate resistance lies near the $37,800 level. The main resistance is still near the $38,000 level. A close above the $38,000 resistance could trigger another strong rise.
Source: BTCUSD on tradingview.com
The next major resistance could be near $38,800. A clear move above the $38,800 resistance level could push the price higher towards $39,200 levels. In the mentioned case, it may even test the $40,000 level. Any further gains could take BTC to the $41,200 level.
Another downside correction in BTC?
If Bitcoin fails to rise above the $37,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $37,120 level or the 61.8% Fibonacci retracement level of the upward move from the low of $36,715 to the high of $37,777.
The next major support is $37,000 and the trend line. If there is a move below $37,000, there is a risk of further downside. In the mentioned case, the price may fall to the support level of $36,780 in the near term. The next major support or target could be $36,200.
Technical Indicators:
Hourly MACD – 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.
Key support levels – $37,120, followed by $37,000.
Key resistance levels – $37,800, $38,000, and $38,800.
source: www.newsbtc.com
