Bitcoin prices have broken through a key resistance level of $35000. BTC is showing positive signs and may rebound to levels of $36200 and $37000 in the short term
Bitcoin prices have broken through a key resistance level of $35000. BTC is showing positive signs and may rebound to levels of $36200 and $37000 in the short term.
- Bitcoin is breaking through the resistance level of $35000.
- The transaction price is above $35000 and the 100 hour simple moving average.
- The hourly chart of the BTC/USD currency pair broke through the upward channel, with a resistance level of $34850 (data from Kraken).
- The currency pair shows positive signs and may rise to the resistance level of $37000 in the short term.
Bitcoin prices break through barriers
Bitcoin prices are still above the support zone of $34000. BTC has formed its foundation and completed the consolidation phase, recently starting to rise significantly above the resistance level of $34750.
The hour chart broke through the upward channel, with a resistance level of $34850. Bulls can push prices up to the previous high point of $35500 or above. It traded to a new multi week high of $35945 and still shows positive signs.
Bitcoin currently trades at prices above $34260 and the 100 hour simple moving average. It is also far above the 23.6% Fib retracement level, which recently rose from a fluctuating low of $34120 to a high of $35945.
On the positive side, direct resistance is around $35950. The next key resistance level may be around $36200. A clear break through the $36200 resistance level may open the door for a 5% increase to the $37000 resistance level.
The next key resistance level may be $37500, and after breaking through this resistance level, the price may rise to $38000. If further increases occur, BTC may rise to the level of $38800.
Is the decline in BTC limited?
If Bitcoin fails to break through the resistance zone of $35950, it may begin a downward correction. The direct support level for the downward trend is around $35500.
The next major support level is around $35000, which is the 50% Fib retracement level that has recently risen from a fluctuating low of $34120 to a high of $35945. If it falls below $35000, there is a risk of further downward movement. In the above situation, the price may fall towards the level of $34500 or the 100 hour simple moving average.
Technical indicators:
Hourly MACD - MACD is currently accelerating in bullish regions.
Hourly RSI (Relative Strength Index) - The RSI of BTC/USD is currently in the overbought region.
The main support level is $35500, followed by $35000.
Main resistance levels - $35950, $36200, and $37000.
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