Bitcoin price regained strength for a fresh recovery and broke $33,500 against the US Dollar. BTC is likely to continue rising above $35,000 in the near term.
- Bitcoin started a new rally after speculators defended the rally from the major support at $30,000.
- The price is now trading well above $33,500 and a 100 hourly simple moving average.
- There was a break above the major downtrend line with resistance near $33,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is showing positive signs and may soon attempt a clear break above $35,000.
Bitcoin price turns green
Bitcoin is down again, but The bulls were active Above the key $30,000 support area. BTC has formed a base above the $30,000 area to start a new increase. BTC broke the $32,500 resistance to move into positive territory.
There was a clear break above the 50% Fib retracement level of the downside move from the $35,460 swing high to $30,200. It even cleared the $33,500 resistance area and settled nicely above Simple moving average per 100 hours.
Moreover, there was a break above the major downtrend line with resistance near $33,300 on the hourly chart of the BTC/USD pair. The pair even rose above the 76.4% Fibonacci retracement level of the downside move from $35,460, up to the $30,200 region.
Source: BTCUSD on TradingView.com
The current price action is positive and it looks like Bitcoin could continue rising towards the $35,000 resistance level. The next major resistance is near $35,500, after which the bulls are likely to aim higher towards $38,000. The main resistance is still near the $40,000 area.
Dips Limited in BTC?
If Bitcoin fails to break above the $35,000 or $35,000 resistance, it may start a downside correction. There is immediate support on the downside near the $34,000 level.
The next major support is near the $33,500 level. The major support is now forming near the $33,000 level and the hourly 100 SMA. A bearish break below the 100-hourly simple moving average may open the door for a new decline towards the $30K region 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 55 level.
Key support levels – $33,500, followed by $33,000.
The main resistance levels are $35,000, $35,500 and $36,500.