Bitcoin price started a fresh rise above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.
- Bitcoin started a further increase from the $35,500 support zone.
- The price is trading above $36,700 and the 100 hourly simple moving average.
- A key bullish trendline is forming with support near $36,720 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could continue to advance towards $40,000 if it breaks above $37,350 and $38,000.
Bitcoin price restarts the increase
Bitcoin price found support near the $35,500 area after a steady decline. BTC bulls were active above the $35,500 level and were able to start a further increase.
There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fibonacci retracement level of the descending wave from the $37,950 high to $35,518 low. The price even exceeded $37,200.
Bitcoin is now trading above $36,700 and the 100 hourly simple moving average. There is also a key bullish trendline forming with support near $36,720 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fibonacci retracement level of the descending wave from the $37,950 high to $35,518 low. A sharp move above the $37,350 resistance could push the price towards the $37,800 level.
Source: BTCUSD on TradingView.com
THE next key resistance could be near $38,000. A close above the $38,000 resistance could begin a strong move higher. The first major resistance is near $39,200, above which the price could accelerate further. In the mentioned case, it could test the $40,000 level. Any further gains could see BTC reach the $42,000 level.
Another rejection of BTC?
If Bitcoin fails to move above the $37,350 resistance zone, it could begin a further decline. Immediate downside support is near the $37,000 level.
The next major support is $36,700 and the trendline. If there is a move below $36,700, there is further downside risk. In the indicated case, the price could fall to the support of $35,950 in the near term. The next key support or target could be $35,500.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $37,000, followed by $36,700.
Major resistance levels – $37,350, $37,800 and $38,000.