Bitcoin price finally cleared the $36,000 resistance. BTC is showing positive signs and might continue to rise toward the $37,500 resistance.
- Bitcoin gained pace for a move above the $36,000 resistance zone.
- The price is trading above $36,000 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and might continue to rise toward $37,500.
Bitcoin Price Spikes Higher
Bitcoin price remained well-bid above the $35,000 support zone. BTC formed a base above the $35,500 zone and finally started a decent increase. It broke the key hurdle at $36,000 to start a fresh rally.
There was a spike toward the $36,500 level. A high is formed near $36,525 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.
Bitcoin is also trading above $36,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support near $35,800 on the hourly chart of the BTC/USD pair. The trend line is near the 50% Fib retracement level of the upward move from the $35,100 swing low to the $36,525 high.
Source: BTCUSD on TradingView.com
On the upside, immediate resistance is near the $36,500 level. The next key resistance could be near $37,000, above which the price might accelerate further higher. In the stated case, it could test the $37,500 level. Any more gains might send BTC toward the $38,000 level.
Are Dips Limited In BTC?
If Bitcoin fails to rise above the $36,500 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,150 level.
The next major support is near the $35,800 zone or the trend line. If there is a move below $35,800, there is a risk of more downsides. In the stated case, the price could decline toward the key support at $35,000 in the near term.
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 above the 50 level.
Major Support Levels – $36,150, followed by $35,800.
Major Resistance Levels – $36,500, $37,000, and $37,500.
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.
