Bitcoin price broke the main $36,000 and $36,500 resistance levels against the US Dollar. BTC is back in a positive zone and it is likely to continue higher towards $38,800 and $39,200.

  • Bitcoin climbed higher nicely and it was able to clear the 36,000 and $36,500 resistance levels.
  • The price is now trading nicely above the $37,000 level and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move higher towards the $38,800 and $39,200 resistance levels.

Bitcoin Price Jumps 10%

After forming a support base above $32,000, bitcoin price started a fresh increase. BTC surpassed the $34,000 and $35,000 resistance levels to move into a positive zone.

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The bulls gained strength when there was a break above a key bearish trend line with resistance near $34,300 on the hourly chart of the BTC/USD pair. The pair consolidated above the trend line before it climbed above the $36,000 resistance level.

There was a strong wave and the price was able to clear the $37,000 level as well. The price traded as high as $38,223 and settled well above the 100 hourly simple moving average.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the downside, an initial support is near the $36,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $32,320 swing low to $38,223 high. The main support is now forming near the $36,000 level and the 100 hourly simple moving average (the recent breakout zone).

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Bitcoin price is clearly showing positive signs and it seems like it could continue to rise towards the $38,800 resistance level. The next key resistance is at $39,200, above which the price could retest $40,000.

Dips Are Attractive in BTC?

If bitcoin starts a downside correction, the $36,000 zone is likely to act as a massive strong. The next support is near the $35,250 level. It is close to the 50% Fib retracement level of the recent increase from the $32,320 swing low to $38,223 high.

A downside break below the $35,200 and $35,000 support levels may possibly push the price back into a bearish zone in the near term.

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Technical indicators:

Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.

Major Support Levels – $36,250, followed by $36,000.

Major Resistance Levels – $38,250, $38,800 and $39,200.


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Bitcoin Smashes Key Resistance, Why Dips In BTC Are Now Attractive

by Justin M. Ray
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