Bitcoin price corrects gains from the $38,000 area. BTC is currently consolidating and could aim for more upside above the $37,250 resistance zone.
- Bitcoin has started a downward correction from the $38,000 resistance zone.
- The price is trading near $37,000 and the 100 hourly simple moving average.
- A short-term bearish channel is forming with resistance near $37,250 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair consolidates its gains and could begin a further rise towards $38,000.
Bitcoin price remains in an uptrend
Bitcoin price started a new increase above the $36,800 Resistance Zone. BTC accelerated to clearly break through the $37,000 resistance zone and move further into a positive zone.
It even increased to $38,000 before a downward correction to $35,850. Recently, there was a further increase above the $37,250 level, but the bears were active near $37,500. A high is forming near $37,500 and the price is now consolidating its gains.
There was a decline below the $37,250 level. The price tested the 50% Fibonacci retracement level of the upward move from the $35,891 low to $37,500 high.
Bitcoin is now trading at almost $37,000 and the 100-hour simple moving average. On the upside, immediate resistance is near the $37,200 level. There is also a short-term bearish channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next key resistance could be near $37,500, above which the price could accelerate further. In the mentioned case, it could test the $38,000 level. Any further gains could propel BTC towards the $38,800 level.
More disadvantages in BTC?
If Bitcoin fails to move above the $37,250 resistance zone, it could continue to decline. Immediate downside support is near the $36,700 level.
The next major support is near the $36,500 area or the 61.8% Fibonacci retracement level of the upward move from the $35,891 low to $37,500 high. If there is a move below $36,500, there is further downside risk. In the presented case, the price could fall towards the key support of $36,000 in the near term.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $36,700, followed by $36,500.
Major resistance levels – $37,250, $37,500 and $38,000.