The price of bitcoin rose sharply above the resistance of $ 38,000 against the US dollar. BTC is now consolidating profits and is likely to remain supported near $ 37,000.
- Bitcoin began a steady rise above resistance levels of $ 37,000 and $ 38,000.
- The price is now trading above the $ 37,000 zone and above the 100-hour simple moving average.
- The BTC / USD pair has a short-term contraction triangle on the hourly chart with resistance near $ 39,500 (data feed from Kraken).
- The currency pair may be lower, but bulls can protect the $ 37,000 zone and the 100-hour moving average.
Bitcoin price goes green
Bitcoin remained a good bid above the $ 35,000 level and it began Fresh growth. BTC broke the major resistance zone of $ 37,000 and the 100-hour simple moving average to move into positive territory.
The price also broke the $ 38,000 level and moved upward. The price also tested the $ 40,000 resistance zone and formed a high near $ 40,021. It is now consolidating profits below the $ 40,000 and $ 39,500 levels.
There is also a short-term contraction triangle with resistance near $ 39,500 on the hourly chart of the BTC / USD pair. On the downside, initial support is near the $ 38,000 level. 23.6% of the recent wave Fibonacci retreatment levels range from a low of $ 31,000 to a $ 40,000 area, also near the $ 38,000 area.
Source: BTCUSD on TradingView.com
To initiate a new increase, the price of bitcoin would have to clear a resistance level of $ 39,500 and $ 40,000. The next major resistance is near $ 41,500. Any higher profits could open the door to a larger recovery toward the $ 45,000 level. The intermediate resistance is near $ 43,200.
Dips Limited in BTC Is your company?
If bitcoin fails to clear the resistance level of $ 40,000, there is a risk of downward correction. On the downside, initial support is near the $ 38,000 level.
The first major support is now building near the $ 37,000 area and 100 hours SMA. A break below the support level of $ 37,000 could move the price towards the support area of $ 35,550. This is close to the 50% Fibonacci retracement level of the recent wave, from a low of $ 31,000 to an area of $ 80,000.
Hourly MACD – MACD is gradually losing momentum in the fast zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is going below the 50 level.
Major Support Level – $ 37,000, followed by $ 37,000.
Major resistance levels – $ 39,500, $ 40,000 and $ 41,500.