Bitcoin Price Primed for a Breakout
The price of Bitcoin is currently hovering near the $34,850 mark, just below the 100 hourly Simple Moving Average. However, it is aiming for a fresh move above the $36,000 resistance zone.
Key Support and Resistance Levels
A key contracting triangle is forming with support near $34,320 on the hourly chart of the BTC/USD pair. To initiate a new uptrend, the pair must hold above the $34,150 support level.
A clear breakthrough above the $35,250 resistance level could open doors for further gains. The next significant resistance levels to watch out for are around $35,500 and $36,000.
Potential Downside Scenario
If Bitcoin fails to rise above the $35,250 resistance zone, there is a possibility of a downside continuation. Immediate support can be found near the $34,500 level, followed by a major support zone around $34,150.
In case of further downward movement and a break below $34,150, there is a risk of more losses in the near term. The price may even decline below the crucial $34,000 support level.
Technical Indicators
The MACD indicator is currently showing bearish momentum in the hourly chart. The RSI (Relative Strength Index) for BTC/USD has dropped below the 50 level.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin Poised for Potential Upside Breakout
Bitcoin is currently trading near a critical resistance level of $35,250. A successful breakthrough above this level could trigger a bullish rally towards $36,000 and even $37,000. However, failure to surpass the resistance may result in further downward movement.
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