Bitcoin price again failed to break the $38,500 resistance zone. BTC is consolidating above its 100 hourly SMA and may attempt another increase.
- Bitcoin still faces significant resistance near $38,500.
- The price is trading above $37,400 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $37,350.
- The pair may make another attempt to clear the $38,500 resistance level unless it falls below $37,350.
Bitcoin price maintains support
Bitcoin price remained above the $37,500 support area. BTC rose above the $38,000 level and made another attempt to clear the $38,400 resistance area.
However, the bulls failed to gain traction and the price peaked near $38,400. It is taking profits again and trading below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.
Bitcoin is currently trading above $37,400 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $37,350.
On the other hand, immediate resistance is close to the $38,200 level. The first major resistance is forming near $38,400. Key resistance is still near the $38,500 level. A break above the $38,500 resistance could trigger a new rally.
Source: TradingView.com BTCUSD
The next major resistance could be near $39,200, above which BTC could rise towards the $39,500 level. More gains could push BTC towards $40,000 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $38,400 resistance zone, another decline could begin. Immediate support for the bears is near the $37,550 level or the 50% Fib retracement level of the rise from the $36,721 swing low to the $38,390 high.
The next major support is near $37,350 and the trend line. There is further downside risk if the price falls below $37,350. If indicated, the price may decline towards the $36,720 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $37,550, then $37,350.
Key resistance levels – $38,400, $38,500 and $39,200.