Bitcoin price started a new rise above the $37,000 resistance zone. A clear move above the resistance level of $37,350 could push BTC higher.
- Bitcoin started a new increase at the $35,500 support zone.
- The price is trading above $36,700 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 $36,720.
- Clearing $37,350 and $38,000 could allow the pair to continue rising towards $40,000.
Bitcoin price rises again
Bitcoin price found support near $35,500 after a steady decline. BTC bulls were active above the $35,500 level and could start a new rally.
There was a move above the $36,500 and $37,000 resistance levels. The price rose above the 50% Fib retracement level of the bearish wave from the $37,950 swing high to the $35,518 low. The price soared to more than $37,200.
Bitcoin is currently trading above $36,700 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 $36,720.
On the other hand, immediate resistance is near the $37,350 level. The $37,950 swing high to $35,518 low is close to the 76.4% Fib retracement level of the bearish wave. A clear break above the $37,350 resistance could push the price towards the $37,800 level.
Source: TradingView.com BTCUSD
The next major resistance could be near $38,000. A break above the $38,000 resistance could initiate a strong rally. The first major resistance is near $39,200, above which the price may rise further. In specified cases, the $40,000 level can be tested. More gains could push BTC towards the $42,000 level.
Another rejection from BTC?
If Bitcoin fails to rise above the $37,350 resistance zone, another decline could begin. Immediate support for the downside is near the $37,000 level.
The next major support level is $36,700, which is the trend line. There is further downside risk if it falls below $36,700. If indicated, the price may decline towards the $35,950 support level in the near future. The next major support or target could be $35,500.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $37,000, then $36,700.
Key resistance levels – $37,350, $37,800 and $38,000.