Bitcoin price regained strength for a new rally and broke $35,000 against the US Dollar. BTC is likely to accelerate towards $36,500 or even $37,000.
- Bitcoin started a fresh increase above the $34,000 and $35,000 resistance levels.
- The price is now trading well above $34,000 and the 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $33,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is showing positive signs and may rise to $37,000 in the near term.
Bitcoin price is increasing
Bitcoin formed a base above $32,000 to start a new rally. BTC broke the $33,500 resistance Simple moving average per 100 hours To move into positive territory.
The bullish move gained strength above the 50% Fib retracement level of the downside move from $36,200 to the $28,850 area. There was also a break above the major downtrend line with resistance near $33,500 on the hourly chart of the BTC/USD pair.
The pair is now trading well above $34,000 and the 100 hourly simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downside move from $36,200 to the $28,850 area.
Source: BTCUSD on TradingView.com
It is showing a lot of positive signs and could continue to rise above $36000. On the upside, there is an initial resistance near the $36,200 level. The main resistance Now near the $37,000 area. Any further gains could push the price towards the $38,000 area.
Dips Limited in BTC?
If Bitcoin fails to break above the $36,200 or $37,000 resistance, it may start a downside correction. There is immediate support on the downside near the $34,500 level.
The next major support is near the $34,000 level. The major support is now forming near the $33,500 level and the 100 hourly SMA. A bearish break below the 100-hourly simple moving average may open the door for a new decline towards the $32,000 area in the upcoming sessions.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Key support levels – $34,400, followed by $33,500.
The main resistance levels are $36,200, $37,000, and $38,000.