The price of Bitcoin is currently adjusting for an increase in the $38000 region. BTC is currently consolidating, with a possible target of further gains above the resistance zone of $37250
The price of Bitcoin is currently adjusting for an increase in the $38000 region. BTC is currently consolidating, with a possible target of further gains above the resistance zone of $37250.
- Bitcoin has started a downward correction from the resistance zone of $38000.
- The price is close to $37000 and the 100 hour simple moving average.
- The hourly chart of the BTC/USD currency pair forms a short-term downward channel, with resistance levels around $37250 (data from Kraken).
- The currency pair is consolidating its gains and may start a new round of rise to $38000.
Bitcoin prices maintain an upward trend
Bitcoin prices have started a new round of rise above the resistance zone of $36800. BTC has significantly broken through the resistance zone of $37000 and further entered a positive zone.
Before the downward correction to $35850, it even rose to $38000. Recently, prices have once again exceeded the $37250 level, but bears are active around $37500. Forming a high near $37500, the price is currently consolidating its increase.
Falling below the $37250 level. The price tested a 50% Fib retracement from a fluctuating low of $35891 to an upward trend of $37500.
The current trading price of Bitcoin is close to $37000 and the 100 hour simple moving average. On the positive side, direct resistance is around $37200. The hourly chart of the BTC/USD currency pair also forms a short-term downward channel, with resistance levels around $37250.
The next key resistance level may be around $37500, and if it breaks through, prices may accelerate further. In the above situation, it may test at a level of $38000. If it continues to rise, Bitcoin may rise to the level of $38800.
Is there more downside space for Bitcoin?
If Bitcoin fails to break through the resistance level of $37250, it may continue to decline. The direct support level for the downward trend is around $36700.
The next major support is located near the $36500 area, which is a 61.8% Fib retracement from the fluctuating low of $35891 to the upward trend of the high of $37500. If it falls below $36500, there is a risk of further downward movement. In the above situation, the price may fall towards the key support level of $36000 in the short term.
Technical indicators:
Hourly MACD - MACD is now losing speed in bullish areas.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently below the 50 level.
The main support level is $36700, followed by $36500.
Main resistance levels - $37250, $37500, and $38000.
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