Bitcoin price again tested the $35,000 support level against the US Dollar. BTC is now rising, but it needs to clear the $37,000 and 100 hourly SMA for a sustained rise.
- Bitcoin is trending upwards above the $35,000 support area.
- The price is currently trading well below $37,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear $37,000 and the 100-hours SMA in order to start a new rise in the near term.
Bitcoin price is facing major resistance
Failed to stay above bitcoin $37,000 support area and increased his downfall. BTC even broke the $36,000 support level and declined below the 100 hourly simple moving average.
There was a spike below the $35,000 support level. A low was formed near $34,830 and the price is now correcting higher. There was a break above the $36,000 resistance level. The price recently climbed above the 50% Fib retracement level of the decline from the $37,915 high to $34,830 low.
There was also a break above a major bearish trend line with resistance near $36,000 on the hourly chart of the BTC/USD pair. the pair is still well below $37,000 and 100 hour simple moving average.
Source: BTCUSD on TradingView.com
The 76.4% Fib retracement level of the recent decline from the $37,915 high to $34,830 low is near $37,200 to act as a major hurdle for the bulls. If there is a clear upside break above the $37,000 and $37,200 levels, the price could start a major upward move.
The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 area. A clear break above the $40,000 level could set the pace for a major upward move.
Latest drop in BTC?
If bitcoin fails to clear the $37,000 resistance, it could start a fresh decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. If there is a downside break below the $35,500 support and $35,000, the price could start a sharp decline towards $32,000.
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $36,000, followed by $35,500.
Key Resistance Levels – $37,000, $38,500 and $40,000.