Bitcoin price surged higher and settled above the $34,000 level against the US Dollar. BTC is likely to continue rising if it stabilizes above $35,000 in the near term.
- Bitcoin started a new rally above the $33,500 and $34,000 resistance levels.
- The price is now trading well above $34,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to rise above $35,000 unless there is a clear breakout below trend line support.
Bitcoin price still supported
Bitcoin has been doing well above the main price $30,000 support area. BTC started a fresh increase above the $32,500 and $33,500 resistance levels. The price broke the pivotal level of $34,000.
It is now trading well above $34,000 and Simple moving average per 100 hours. There was also a rally above the $35,000 level. However, the bulls failed to gain ground above $35,000 and the price is now consolidating its gains.
It tested the 23.6% Fib retracement level of the upward move from the $30,180 swing low to the $35,315 high. Bitcoin is now trading well above the $34,500 level. There is also a major bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If the pair fails to hold above the trend line support, it may decline further towards $33,200 and the 100 hourly SMA. The next major support is near the $32,800 level. It is close to the 50% Fib retracement level of the upward move from the $30,180 swing low to the $35,315 high.
New Rally in Bitcoin?
If bitcoin remains above trend line support, it could rise further above the $35,000 resistance level. There is an immediate resistance on the upside near the $35,500 level.
The next major resistance is near $36,500, after which the bulls are likely to aim higher towards $38,000. Any additional gain could push the price towards the key $40K area in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.
Key support levels – $34,500, followed by $33,200.
The main resistance levels are $35,000, $35,500 and $36,500.