Bitcoin fell below $34,000 against US Dollar. BTC is on the rebound, but must still clear $38,000 to continue its steady uptrend.
- Bitcoin was still in bearish territory below $38,000 and $36,500 levels.
- The current price trades at $36,500, with the simple 100-hour moving average.
- The hourly chart for the BTC/USD pair showed a breakout above the major bearish trendline with resistance at $35,450 (data feed Kraken).
- A clear break above the $38,000 resistance could signal a big increase in the pair.
Bitcoin Price Recovery
Bitcoin’s price continued falling below $35,000 and 34,000 support levels. BTC spiked to levels below $33,000 The price hit a low of $32,940, and has been on the rise since then.
A break occurred above the levels of $35,500 and 35,000 resistances. Bulls lifted the price to above 23.6% Fib resistance level. This is the level that reflects the recent fall from the $43,490 swing low to $32,940 high. A breakout was seen above a significant bearish trend line, with resistance close to $35,450 in the hourly charts of BTC/USD.
Even higher than the $37,000 mark, bitcoin even surged. Bitcoin trades at $36,500, which is close to the 100-hourly simple moving average. An initial resistance at $37,000 is the positive side.
Source: BTCUSD from TradingView.com
Near the $38,000 area is the first significant resistance. The 50% Fib Retracement Level of the recent fall from $43,490 swing highs to $32,940 lows is just below it. A break above $38,000 could signal a gradual recovery towards $40,000. Near the $41,200 mark, the next major resistance. Above that level the bulls could aim for $42,000.
BTC – A New Decline
It could begin a new decline if bitcoin does not start an increase over $38,000. The $36,000 mark is the immediate support for the downside.
At the $35,400 level is the first significant support. Potentially, a downside breakout below the 35,400 support zone could trigger another fall. Below $34,000 the nearest major support, the price might revert back to its recent low.
Technical indicators
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $35,400, followed by $34,000.
Major Resistance Levels – $37,000, $38,000 and $38,200.