Bitcoin price once again failed to break the USD 38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and could attempt another increase.
- Bitcoin is still facing heavy resistance near the $38,500 zone.
- The price is trading above USD 37,400 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $37,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could make another attempt to break the $38,500 resistance unless it breaks below $37,350.
Bitcoin price holds support
Bitcoin price remained well above the USD 37,500 support zone. BTC climbed higher above the USD 38,000 level and made another attempt to break the USD 38,400 resistance zone.
However, the bulls failed to gain momentum and the price peaked near $38,400. It corrects gains again and trades below the 23.6% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.
Bitcoin is now trading above $37,400 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $37,350 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $38,200 level. The first major resistance forms around $38,400. The main resistance is still around the USD 38,500 level. A close above the resistance at $38,500 could spark another rally.
Source: BTCUSD on TradingView.com
The next major resistance could be near USD 39,200, above which BTC could climb towards the USD 39,500 level. Even more gains could send BTC towards the USD 40,000 resistance.
Lose more in BTC?
If Bitcoin fails to rise above the USD 38,400 resistance zone, it could trigger another decline. Immediate support on the downside is near the $37,550 level or the 50% Fib retracement level of the upward move from the $36,721 swing low to the $38,390 high.
The next major support is around $37,350 and the trendline. If there is a move below $37,350, there is a risk of more downside. In the mentioned case, the price could fall towards the support at $36,720 in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 37,550, followed by USD 37,350.
Major resistance levels – $38,400, $38,500 and $39,200.
