Bitcoin price declined below the $38,000 resistance area against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh rise in the near term.
- Bitcoin holds some important support near the $36,000 area.
- The price is currently trading well above $36,000 and the 100 hourly simple moving average.
- There is a major downside channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a major rise if it breaks the $37,000 resistance area.
bitcoin price remains supported
bitcoin gains momentum $35,500 resistance and stepped upward. BTC even broke the $37,000 resistance area and the 100 hourly simple moving average.
However, the bulls struggled to clear the $38,000 resistance area. A high was formed near $37,900 and the price declined recently. There was a break below the $37,000 support level. Bitcoin fell below the 23.6% Fib retracement level of the recent swing from the $34,225 low to $37,900 high.
The price is now trading well above $36,000 and the 100 hourly simple moving average. There is also a major downside channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair.
The pair is also looking for bids near the 50% Fib retracement level of the recent upward move from the $34,225 low to $37,900 high.
Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 area could set the pace for a new high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 area.
Downside Break in BTC?
If bitcoin fails to clear the $37,000 resistance, it could turn lower. An initial support on the downside is near the $36,200 level.
The first major support is near the $36,000 level and 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the alleged case, the price is likely to move towards the $35,000 support level.
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Key Support Levels – $36,000, followed by $35,500.
Key Resistance Levels – $37,000, $38,000, and $40,000.