Bitcoin price started a new rise above the USD 37,000 resistance zone. BTC could accelerate higher once there is a clear move above the USD 37,350 resistance.
- Bitcoin started a new increase from the USD 35,500 support zone.
- The price is trading above USD 36,700 and the 100 hourly Simple Moving Average.
- A major bullish trendline 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 clears $37,350 and $38,000.
Bitcoin price starts to rise again
Bitcoin price found support near the $35,500 zone after a steady decline. BTC bulls were active above the $35,500 level and could start a new increase.
There was a move above the USD 36,500 and USD 37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downwave from the $37,950 swing high to the $35,518 low. The price even peaked above $37,200.
Bitcoin is now trading above $36,700 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $36,720 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $37,350 level. It is close to the 76.4% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. A clear move above the USD 37,350 resistance could send the price towards the USD 37,800 level.
Source: BTCUSD on TradingView.com
The next major resistance could be near USD 38,000. A close above the $38,000 resistance could trigger a strong upside. The first major resistance is near USD 39,200, above which the price could accelerate further. In the said 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 rise above the USD 37,350 resistance zone, it could trigger another decline. The 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 a risk of more downside. In the mentioned case, the price could fall towards the support at $35,950 in the short term. The next major support or target could be $35,500.
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 above the 50 level.
Major support levels – USD 37,000, followed by USD 36,700.
Major resistance levels – $37,350, $37,800 and $38,000.
