Bitcoin began a healing wave above $36,000 versus the United States Dollar. BTC should settle above the $38,000 zone to begin a consistent upward relocation.
- Bitcoin is attempting to clear the $37,500 and $38,000 resistance levels.
- The rate is now trading above $36,500 and the 100 per hour easy moving average.
- There is an essential breakout pattern forming with resistance near $37,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
- The set might begin a consistent upward relocation if there is a clear relocation above the $38,000 resistance.
Bitcoin Price Eyes Upside Continuation
Bitcoin rate handled to remain above the $35,000 zone and began a healing wave. BTC climbed up above the $36,000 resistance zone to move into a short-term bullish zone.
There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a relocation above the 23.6% Fib retracement level of the crucial drop from the $43,495 swing high to $32,950 low. It is now combining near the $37,000 level and trading well above the 100 per hour easy moving average.
On the benefit, a preliminary resistance is near the $37,400 level. There is likewise an essential breakout pattern forming with resistance near $37,500 on the per hour chart of the BTC/USD set.
Source: BTCUSD on TradingView.com
The initially significant resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the crucial drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance might begin a consistent upward relocation. The next crucial resistance is near the $49,200 level, above which the bulls may intend a test of $40,000. Any more gains may send out bitcoin towards the $41,200 level.
Fresh Decline in BTC?
If bitcoin stops working to begin a fresh boost above $38,200, it might begin another decrease. An instant assistance on the drawback is near the $36,800 zone.
The initially significant assistance is seen near the $36,000 zone and the 100 per hour SMA. A disadvantage break listed below the $36,000 assistance zone might maybe begin a fresh decrease. The next significant assistance is near $35,400, listed below which the rate might review $34,000.
Technical indications:
Hourly MACD – The MACD is now acquiring rate in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $36,000, followed by $35,400.
Major Resistance Levels – $37,400, $38,000 and $38,200.
