Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone.
- Bitcoin is still consolidating below the $37,750 resistance.
- The price is trading above $37,200 and the 100 hourly Simple moving average.
- There is a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it clears the $38,000 resistance zone.
Bitcoin Price Remains Supported
Bitcoin price remained well-bid and started a steady increase above the $37,000 resistance. BTC trimmed all losses and even revisited the $37,750 resistance zone. It seems like the bulls are still struggling to clear the $37,750 resistance zone.
A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high.Bitcoin is now trading above $37,200 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $37,420 level.
The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.