Bitcoin price formed a base above $35,000 and started a fresh rise against the US Dollar. BTC broke the $38,000 resistance and even traded near $40,000.
- Bitcoin started a fresh rise above the $38,000 and $38,500 resistance levels.
- The price is currently trading well above $38,000 and the 100 hourly simple moving average.
- There was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could turn lower, but the bulls are likely to remain active near the $38,000 level.
The price of bitcoin has risen
Bitcoin Slows Down, But Bulls Are Active Near Market $35,000 support area. BTC formed a base above the $35,000 level and recently started a strong rise.
There was a clear break above the $36,500 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair.
The pair picked up speed and it broke the key $38,000 Resistance Level. An upward move was such that the price was trading near the $40,000 level.
Source: BTCUSD on TradingView.com
A high was formed near $39,849 and the price is now correcting lower. It broke the $39,000 support level to start the current correction. An immediate support is near the $38,650 level. It is close to the 23.6% Fib retracement level of the upward move from $34,916 low to $39,849 high.
On the upside, an initial resistance is near the $39,200 level. The first major resistance is near the $39,800 and $40,000 levels, above which the price is likely to gain momentum. The next resistance is near the $42,000 level.
Supported Dips in BTC?
If bitcoin fails to clear the $39,800 resistance, it could initiate a downside correction. An initial support on the downside is near the $38,600 level.
The first major support is near the $38,000 level. The main support is now forming near the $37,500 level. It is near the 50% Fib retracement level of the upward move from $34,916 low to $39,849 high. A downside break below the $37,500 support area might push the price towards the 100 hourly SMA.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is trading below the 75 level.
Key Support Level – $38,000, followed by $37,500.
Key Resistance Levels – $39,500, $39,800 and $40,000.