Bitcoin price faces a major hurdle near USD 35,250. BTC could rise to USD 37,000 once it overcomes the USD 35,250 and USD 35,500 resistance levels.
- Bitcoin is aiming for a fresh move above the $36,000 resistance zone.
- The price is trading near $34,850 and the 100 hourly Simple Moving Average.
- A major contracting triangle is forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair needs to stay above the $34,150 support for another move higher in the near term.
Bitcoin price sees more gains
Bitcoin price remained well above the $34,000 support zone. BTC climbed higher above the USD 34,500 and USD 34,650 resistance levels to start a new increase.
There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the USD 35,200 level. The price seems to be facing a major hurdle near the USD 35,250 level.
Bitcoin is struggling to break the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple Moving Average.
A major contracting triangle is also forming with support near $34,320 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is around the $35,050 level. The next major resistance could be near $35,250 or the upper trendline of the triangle.
Source: BTCUSD on TradingView.com
A clear move above the USD 35,250 resistance could open the doors for a move towards the USD 35,500 resistance. The next major resistance could be at USD 36,000, above which the price could rise towards USD 37,000. Any further gains could send BTC towards the $37,500 level.
Disadvantage of continuation in BTC?
If Bitcoin fails to rise above the USD 35,250 resistance zone, it could continue to decline. The immediate downside support is near the low of $34,500.
The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downside. In the mentioned case, the price could even fall below the USD 34,000 support level in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 34,500, followed by USD 34,150.
Major resistance levels – $35,050, $35,250 and $35,500.