Bitcoin price is showing positive signs above the $37,000 resistance zone. BTC appears to be eyeing a bullish breakout above the $38,000 resistance zone.
- Bitcoin started a new rise and rose above the $37,000 zone.
- The price is trading above $37,000 and the 100 hourly simple moving average.
- A major bullish trend line is forming with support near $36,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum once it breaks the $37,800 and $38,000 levels.
Bitcoin price extends rise
Bitcoin price remained stable and started a new rise above the $36,000 level. BTC rose above the $37,000 level to move into a positive zone and avoid further downsides.
The bullish movement was such that the price even surpassed the $37,350 level. A high was formed near $37,777 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from the low of $36,715 to the high of $37,777.
Bitcoin is now trading above $37,000 and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $37,800 level. The main resistance is still near the $38,000 level. A close above the $38,000 resistance could start another sharp rise.
Source: BTCUSD on TradingView.com
The next key resistance could be near $38,800. A clear move above the $38,800 resistance could push the price further towards the $39,200 level. In the right case, it could even test the $40,000 level. Any further gains could send BTC towards the $41,200 level.
Another downward correction in BTC?
If Bitcoin fails to break above the $37,800 resistance zone, it could start a downward correction. Immediate support on the downside is near the $37,120 level or the 61.8% Fibonacci retracement level of the upward move from the low of $36,715 to the high of $37,777.
The next major support is $37,000 and the trend line. If there is a move below $37,000, there is a risk of further downside. In the indicated case, the price could fall towards the $36,780 support in the near term. The next key support or target could be $36,200.
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: $37,120, followed by $37,000.
Main resistance levels: $37,800, $38,000 and $38,800.
