Bitcoin price rose further above the USD 37,200 resistance zone. BTC is now consolidating and could aim for more gains above the USD 37,600 resistance zone.
- Bitcoin started a strong rise above the USD 37,200 resistance zone.
- The price is trading above USD 36,200 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and could continue to rise towards $38,000.
Bitcoin price remains strong
Bitcoin price started a new rise above the USD 36,500 resistance zone. BTC gained pace for a clear move above the $37,200 resistance zone and rose above 5%.
A new multi-week high formed near $37,971 before a downward correction took place. There was a move below the USD 37,000 level. The price peaked below the 50% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high.
Bitcoin is now trading above $36,200 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $36,200 on the hourly chart of the BTC/USD pair.
The pair also holds the 61.8% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high. It is now consolidating around the USD 36,750 level and is now attempting another increase. On the upside, immediate resistance is around the $37,000 level.
Source: BTCUSD on TradingView.com
The next major resistance could be near USD 37,300, above which the price could accelerate further. In the said case, it could test the USD 37,800 level. Any further gains could send BTC towards the $38,000 level.
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If Bitcoin fails to rise above the $37,000 resistance zone, a downward correction could occur. The immediate downside support is near the USD 36,500 level.
The next major support is near the $36,200 zone or trendline. If there is a move below $36,200, there is a risk of more downside. In the mentioned case, the price could fall towards the key support at USD 35,500 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 36,500, followed by USD 36,200.
Major resistance levels – $37,000, $37,300 and $38,000.