Credit: Original article published by newsbtc.

Bitcoin price started a steady increase above $35,000 against the US Dollar. BTC is showing positive signs and it could continue to rise towards the $38,000 barrier.

  • Bitcoin started a decent increase above the key $35,000 resistance zone.
  • The price is now trading above $35,500 and the 100 hourly simple moving average.
  • There was a break above a major contracting triangle forming with resistance near $34,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct a few points, but the bulls are likely to aim more upsides above $36,000.

Bitcoin Price is Gaining Momentum

After a close above the $34,200 zone, bitcoin price started a decent increase. BTC broke the main $35,000 resistance level and settled nicely above the 100 hourly simple moving average.

More importantly, there was a break above a major contracting triangle forming with resistance near $34,450 on the hourly chart of the BTC/USD pair. The pair gained bullish momentum and climbed above the $35,500 and $36,000 levels.

A high is formed near $36,341 and the price is currently consolidating gains. An initial support is near the $35,650 level. It is close to the 23.6% Fib retracement level recent upward move from the $33,521 swing low to $36,341 high.

Source: BTCUSD on TradingView.com

The next major support is near the $35,000 level or the 50% Fib retracement level recent upward move from the $33,521 swing low to $36,341 high. On the upside, the $36,200 level is a short-term resistance. A clear break above $36,200 could open the doors for a steady increase towards the $37,000 and $38,000 levels in the near term. An intermediate resistance could be $37,400.

Fresh Dip in BTC?

If bitcoin fails to clear the $36,200 resistance zone, there is a risk of a minor downside correction. The first major support is near the $35,000 level (the recent breakout zone).

The next key support is near the $34,550 level, where the bulls are likely to take a stand. If the bulls fail to protect the $35,000 and $34,550 support levels, the price could move back towards the $33,000 support level.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Levels – $35,000, followed by $34,550.

Major Resistance Levels – $36,200, $37,000 and $37,400.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

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