Bitcoin price started a new rise above the $37,000 resistance zone. BTC could accelerate further once there is a clear move above the $37,350 resistance.
- Bitcoin started a new rise from the $35,500 support zone.
- The price is trading above $36,700 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support near $36,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise towards $40,000 if it breaks above $37,350 and $38,000.
Bitcoin price reset increases
Bitcoin price found support near the $35,500 zone after a steady decline. BTC bulls were active above the $35,500 level and were able to initiate a fresh rise.
There was a move above the $36,500 and $37,000 resistance levels. The price rose above the 50% Fibonacci retracement level of the descending wave from the high of $37,950 to the low of $35,518. The price even shot up above $37,200.
Bitcoin is now trading above $36,700 and the 100 hourly simple moving average. There is also a key bullish trend line 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 close to the 76.4% Fib retracement level of the descending wave from the high $37,950 to the low $35,518. A clear move above the resistance at $37,350 could send the price towards the level of $37,800.
Source: BTCUSD on TradingView.com
The next key resistance could be near $38,000. A close above the $38,000 resistance could start a sharp rise. The first major resistance is near $39,200, above which the price could accelerate further. In the given case, it could test the $40,000 level. Any further gains could send BTC towards the $42,000 level.
Another rejection in BTC?
If Bitcoin fails to break above the $37,350 resistance zone, it could start another decline. Immediate support on the downside is near the $37,000 level.
The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of further downside. In the indicated case, the price could fall towards the $35,950 support in the near term. The next key support or target could be $35,500.
Technical indicators:
MACD Hourly: The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Main support levels: $37,000, followed by $36,700.
Main resistance levels: $37,350, $37,800 and $38,000.
