Cryptocurrency News

Bitcoin Grinds Higher, This Is Why Dips Became Lucrative


The price of bitcoin has been steadily rising above the resistance level of $ 36,000 against the US dollar. BTC also scrapped $ 37,000 and is now showing positive signs.

  • Bitcoin quickly gained momentum above resistance levels of $ 35,000 and $ 36,000.
  • The price is currently trading above $36,000 and the 100 hourly simple moving average.
  • On the BTC / USD pair’s hourly chart there was a break above a major bearish trend line with resistance near $ 36,000 (data feed from Kraken).
  • The pair could correct downside, but the bulls are likely to remain active near $36,000.

bitcoin price rise

Bitcoin formed a base over $34,000 area And it started a steady growth. BTC entered positive territory, breaking resistance levels of $ 35,000 and $ 36,000.

On the BTC / USD pair’s hourly chart, there was a break above a major bearish trend line with resistance near $ 36,000. The pair climbed above the 50% Fibonacci retracement level of the key decline from the $40,420 high to $33,630 low.

The price also broke the resistance zone of $ 37,000. However, the bears are fighting near the $ 38,000 level. The 61.8% Fibonacci retracement of the major decline appears to be acting as a resistance from a high of $ 40,420 to a low of $ 33,630.

Source: BTCUSD on TradingView.com

On the upside, immediate resistance is near $ 37,500. First of all Major resistance It is near the $38,000 level and recent highs. A clear pause above the $ 38,000 area could set the pace for a large increase. The next major resistance is near the $ 40,000 level. The intermediate resistance can be near $ 38,800.

Supported Dips in BTC?

If bitcoin fails to clear the $38,000 resistance, it could turn lower. An initial support on the downside is near the $36,500 level.

The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price may decline towards the $35,200 support area in the coming sessions. Any further losses could clear the way for a retest of the $34,000 level.

Technical Indicators:

Hourly MACD – MACD is gradually losing momentum in the fast zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is sliding towards the 50 level.

Key Support Levels – $36,000, followed by $35,500.

Major resistance levels – $ 37,500, $ 38,000 and $ 40,000.



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