Bitcoin price failed to continue higher above $36,000. BTC corrected gains and might find strong buying interest near the $34,200 support zone.
- Bitcoin corrected gains from the $36,000 resistance zone.
- The price is trading near $34,700 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must stay above the $34,000 support to start a fresh increase in the near term.
Bitcoin Price Holds Support
Bitcoin price attempted another rally above the $35,000 resistance. BTC cleared the $35,500 level but struggled near the $36,000 level. There was no test of the $36,200 resistance zone and the price started a downside correction.
There was a move below the $35,500 and $35,000 levels. The price even spiked below the $34,500 level and the 100 hourly Simple moving average. A low is formed near $34,350 and the price is now consolidating losses near the 23.6% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low.Bitcoin also trades near $34,700 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $34,300 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $35,750 level. The next key resistance could be near $35,150 or the 50% Fib retracement level of the recent decline from the $35,945 swing high to the $34,350 low. A clear move above the $35,150 resistance might open the doors for a move toward the $36,000 resistance.