The price of Bitcoin started a sharp rise above the resistance of $ 35,000 against the US dollar. BTC is showing positive signs and could surpass $ 40,000.
- Bitcoin started a sharp rise above the resistance levels of $ 33,000 and $ 35,000.
- The price is now trading well above $ 35,000 and the 100 hour simple moving average.
- A key bullish trendline is forming with support near $ 35,500 with resistance near $ 31,250 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could correct the gains, but the bulls are expected to remain active near $ 37,000.
Bitcoin Prices Rise Above $ 38,000
The price of Bitcoin has found a strong buying interest near the $ 32,000 area. BTC formed a support base near $ 32,000 and started a major bullish move.
The price broke through the resistance levels of $ 32,000 and $ 35,500. There was a clear break above the $ 38,000 resistance level. The upward movement strengthened and the price even traded near the resistance area of $ 40,000.
A high has formed near $ 39,721 and price is now correcting gains. It is trading near the 23.6% Fib retracement level of the recent rally, dropping from the low of $ 33,904 to $ 39,723. Bitcoin is now trading well above $ 35,000 and the Simple moving average over 100 hours.
A key bullish trendline is also forming with support near $ 35,500 with resistance near $ 31,250 on the hourly chart of the BTC / USD pair. It is showing a lot of positive signs near the $ 38,000 level. On the upside, initial resistance is near the $ 39,000 level.
Source: BTCUSD on TradingView.com
The first major resistance is near the $ 39,500 level. The main resistance is near $ 40,000. A successful breakout and close above the $ 40,000 level could initiate a further short-term rally. In the case shown, the price is expected to move closer to the $ 42,500 level in the near term.
Dip supported in BTC?
If bitcoin fails to break above the resistance levels of $ 39,500 and $ 40,000, it could initiate a downward correction. Initial bearish support is near the $ 37,500 level.
The first major support is now near the $ 36,800 area. A sharp break down below the $ 36,800 support could potentially push the price towards the $ 36,000 support area in the near term.
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well in the overbought zone.
Major Support Levels – $ 37,500, followed by $ 36,800.
Major Resistance Levels – $ 39,000, $ 39,500 and $ 40,000.