Bitcoin price is showing positive signs above the $37,000 resistance zone. BTC appears to be aiming for an upward breakout above the $38,000 resistance zone.
- Bitcoin began a new rally, surpassing the $37,000 level.
- The price is trading above $37,000 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 $36,950.
- A breakout of the $37,800 and $38,000 levels could give the pair some bullish momentum.
Bitcoin price increase extended
Bitcoin price remained stable and began a new rise above the $36,000 level. BTC rose above the $37,000 level to move into positive territory and avoid further downside.
The rally pushed the price up to the $37,350 level. The highest price was reached around $37,777 and the price continues to rise. It is trading near the 23.6% Fib retracement level, rising from the $36,715 swing low to the $37,777 high.
Bitcoin is currently trading above $37,000 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 $36,950.
On the other hand, immediate resistance is close to the $37,800 level. Key resistance is still near the $38,000 level. A break above the $38,000 resistance could mark the beginning of another strong rally.
Source: TradingView.com BTCUSD
The next major resistance level could be near $38,800. A clear break above the $38,800 resistance could push the price further towards the $39,200 level. Where specified, tests may be made up to the $40,000 level. More gains could push BTC towards the $41,200 level.
Another shortcoming of BTC fixed?
If Bitcoin fails to rise above the $37,800 resistance zone, a downward correction could begin. Immediate support for the bears is near the $37,120 level or the 61.8% Fib retracement level of the rise from the $36,715 swing low to the $37,777 high.
The next major support levels are $37,000 and the trend line. There is further downside risk if it falls below $37,000. If indicated, the price may fall towards the $36,780 support in the near term. The next major support or target could be $36,200.
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 – $37,120, followed by $37,000.
Key resistance levels – $37,800, $38,000 and $38,800.