Bitcoin Price Consolidates Below Resistance
The price of Bitcoin is currently consolidating below the $37,750 resistance level. However, it is trading above $37,200 and the 100 hourly Simple Moving Average (SMA). On the hourly chart of the BTC/USD pair, a short-term contracting triangle is forming with resistance near $37,420.
Bitcoin Price Remains Supported
The price of Bitcoin has remained well-supported and has seen a steady increase above the $37,000 resistance level. It has even revisited the $37,750 resistance zone. However, the bulls are struggling to clear this resistance zone.
Currently, the price is consolidating gains and there was a slight move below the 23.6% Fib retracement level. Despite this, Bitcoin is still trading above $37,200 and the 100 hourly SMA.
Potential for Strong Increase
If Bitcoin manages to clear the $38,000 resistance zone, it could potentially start a strong increase. The first major resistance is near $37,750, with the main resistance still at $38,000. A close above this level could trigger further bullish momentum.
The next key resistance levels to watch for are $38,800 and $39,200. If Bitcoin surpasses these levels, it may rally towards the $40,000 resistance.
Possible Drop in BTC
In case Bitcoin fails to rise above the $37,750 resistance zone, there is a possibility of a fresh decline. Immediate support can be found near the $37,200 level and the next major support is at $37,000 along with the 100 hourly SMA.
If there is further downward movement and Bitcoin breaks below $36,750, it could result in more downside potential. The price might drop towards the $36,000 support level, with the next key support or target at $35,650.
Technical Indicators
The MACD indicator on the hourly chart is losing pace in the bullish zone. The RSI for BTC/USD is currently above the 50 level.
Hot Take: Bitcoin Price Consolidates Below Resistance Level
The price of Bitcoin is currently consolidating below the $37,750 resistance level. It has found support above $37,200 and the 100 hourly SMA. There is a possibility of a strong increase if Bitcoin manages to clear the $38,000 resistance zone. On the other hand, if it fails to rise above this level, there is a risk of a fresh decline. Immediate support can be found near $37,200, followed by $37,000 and the 100 hourly SMA. Technical indicators suggest mixed signals. Overall, Bitcoin’s next move will depend on its ability to break through key resistance levels or face further downside pressure.
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