Skip to content Skip to sidebar Skip to footer

Bitcoin price regained strength for a fresh recovery and it broke $33,500 against the US Dollar. BTC is likely to continue higher above $35,000 in the near term.

  • Bitcoin started a fresh increase after the bulls defended the key $30,000 support.
  • The price is now trading nicely above $33,500 and the 100 hourly simple moving average.
  • There was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is showing positive signs and it could soon attempt a clear break above $35,000.

Bitcoin Price Turns Green

Bitcoin declined again, but the bulls were active above the main $30,000 support zone. BTC formed a base above the $30,000 zone to start a fresh increase. BTC broke the $32,500 resistance to move into a positive zone.

There was a clear break above the 50% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone. It even cleared the $33,500 resistance zone and settled nicely above the 100 hourly simple moving average.

Moreover, there was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair. The pair even climbed above the 76.4% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone.

The current price action is positive and it seems like bitcoin could continue to rise towards the $35,000 resistance. The next key resistance is near $35,500, above which the bulls are likely to aim a rally towards $38,000. The main resistance is still near the $40,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $35,000 resistance or the $35,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,000 level.

The next major support is near the $33,500 level. The main support is now forming near the $33,000 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $30,000 zone in the coming sessions.

Technical indicators:

  • Hourly MACD – The MACD is now gaining pace in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level.
  • Major Support Levels – $33,500, followed by $33,000.
  • Major Resistance Levels – $35,000, $35,500 and $36,500.

Source: newsbtc.com

Show CommentsClose Comments

Leave a comment

The leader in blockchain news, Cryptowatchlists is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Cryptowatchlists is an independent online newspaper, which concentrate in cryptocurrencies and blockchain startups.
Our Biggest Stories Delivered to Your Inbox