Bitcoin price started a strong increase above the $35,000 resistance against the US Dollar. BTC is currently showing a lot of positive signs and it could even surge above $38,000.
- Bitcoin started a steady increase above the $35,000 and $36,000 resistance levels.
- The price is currently well above $36,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher if it clears the $38,000 resistance zone in the near term.
Bitcoin Price Turns Green
Bitcoin found a strong buying interest near the $31,000 zone and it started a steady increase. BTC broke many important hurdles near $35,000 to move into a positive zone.
There was also a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair. The pair even settled above the $36,000 resistance and the 100 hourly simple moving average.
Bitcoin climbed above the $37,000 level and traded as high as $37,484. It is now consolidating gains above the $37,000 level. An immediate support is near the $36,500 level. The first key support is near the $36,000 zone. It is close to the 23.6% Fib retracement level of the upward move from the $31,050 swing low to $37,484 high.
Source:The next major support is near the $35,000 level and the 100 hourly simple moving average. The 50% Fib retracement level of the upward move from the $31,050 swing low to $37,484 high is the next support near the $34,250 level. On the upside, the first major resistance is near the $37,500 level. The main resistance is near the $38,000 zone, above which the price could rally towards the $40,000 level in the near term.