Bitcoin Continues Rally
If you’ve been following Bitcoin’s price, you’ll know that it recently began a fresh rally after finding support around $34,650. The current price is now above $36,500 and the 100 hourly Simple moving average. In fact, there was even a break above a major bearish trend line with resistance near $36,300 on the BTC/USD pair’s hourly chart (data feed from Kraken).
Bitcoin Price Trims Losses
The rally started after a downside correction from the $38,000 resistance zone. BTC had declined below the $36,000 and $35,500 levels and even dipped below $35,000 before bulls stepped in near the $34,650 support zone.
After forming a low around $34,666, the price surged upwards sharply above $36,000 and $37,000 levels. It also retested the $38,000 resistance zone before consolidating gains.
There are immediate resistance levels at around $37,850 and the next key resistance could be near $38,000. A close above this level could signal a strong increase in price.
More Losses In BTC?
If Bitcoin fails to rise above the $38,000 resistance zone again, it could start another downside correction with immediate support near the $37,450 level and major support at $36,500 or the 100 hourly Simple moving average.
If it falls below that level, there is a risk of further downsides towards the $35,850 support in the near term.
Technical Indicators
The MACD is now losing pace in the bullish zone while the RSI for BTC/USD is currently above 60. Major Support Levels are at $37,450 and then at $36,500 with Resistance Levels at $37,850, $38,000 and then at $38,800.
Source: BTCUSD on TradingView.com
Hot Take: Bitcoin’s Rally Indicates Bullish Momentum
Bitcoin’s recent rally from the support zone has shown strong bullish momentum. With key resistance levels being tested and potential for further upward movement if these are cleared. However, if Bitcoin fails to rise above these levels again there could be another downside correction with immediate support levels to watch out for.
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