Bitcoin prices have started to rise again from the support level of $34650. BTC has risen by over 5% and is currently attempting to break through the resistance zone of $38000
Bitcoin prices have started to rise again from the support level of $34650. BTC has risen by over 5% and is currently attempting to break through the resistance zone of $38000.
- Bitcoin has started a new round of rebound from the support area of $34650.
- The price is trading above $36500 and the 100 hour simple moving average.
- The hourly chart of the BTC/USD currency pair broke the main bearish trend line, with resistance around $36300 (data from Kraken).
- If it breaks through the resistance zone of $38000, the currency pair may continue to rise.
Bitcoin prices have reduced all losses
Bitcoin prices have been revised downward from the resistance level of $38000. BTC fell below the levels of $36000 and $35500. The price even soared to below $35000. However, bulls were active near the $34650 support area.
A low point was formed near $34666, and prices began a new round of upward trend. The price has significantly increased to over $36000 and $37000. The hourly chart of the BTC/USD currency pair also broke the main bearish trend line, with resistance around $36300.
Bitcoin prices have risen by over 5% and retested the $38000 resistance zone. Forming a high near $37950, prices are currently consolidating their gains. Its trading price is also above $36500, the 100 hour simple moving average, and the 23.6% Fib retracement from a fluctuating low of $34666 to a high of $37950.
On the positive side, direct resistance is around $37850. The next key resistance level may be around $38000 or a recent high. The closing price above the resistance level of $38000 may begin to rise strongly.
The first major resistance level is around $38800, and if it breaks through, prices may further rise. In the above scenario, it may test at a level of $39200. If further increases occur, BTC may rise to the level of $40000.
More BTC losses?
If Bitcoin fails to break through the resistance level of $38000, it may start another downward correction. The direct support level for the downward trend is around $37450.
The next main support level is $36500 or the 100 hour simple moving average. If it falls below $36500, there is a risk of further downward movement. In the above situation, the price may fall towards the support level of $35850 in the short term.
Technical indicators:
Hourly MACD - MACD is now losing speed in bullish areas.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is currently above the 60 level.
The main support level is $37450, followed by $36500.
Main resistance levels - $37850, $38000, and $38800.
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