Bitcoin price started a fresh increase from the $32.250 support area against the US Dollar. BTC must break above the $35,000 resistance to move into the bullish zone. According to the technical analysis of NewsBTC’s Aayush Jindal:
- Bitcoin started a fresh increase above the $33,500 and $34,000 resistance levels.
- Price is currently trading above the $34,000 reinforcement and the 100 hourly easy moving average.
- There is a major bullish trend line forming with reinforcements near $34,000 on the hourly chart of the BTC/USD pair (data from Kraken).
- The pair could continue to rise above the $35,000 resistance unless it fails to stay above $33,500.
Bitcoin (BTC) Starts New Increase
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Bitcoin formed a suitable reinforcement base above the $32,000 zone and started a fresh increase. BTC broke the $33,500 resistance area and the 100 hourly easy moving average.
Even surpassed the $34,000 resistance to move into positive territory. However, the price is still struggling to surpass the main $35,000 resistance area. BTC rallied around $34.600.
It then started a correction from here and traded below the $34,200 level. In addition, 23% of the upward movement, which was accurate from $32,988 to $34,609. There was a break below the 6 Fib retracement level. On the downside, first reinforcement is seen near the $34,000 level.
There is also a major bullish trend line forming with support near $34,000 on the hourly chart of the BTC/USD pair. The next reinforcement is near the $33,800 level. 34 at $32,988. It is close to the 50% Fib retracement level of the real upper move to $609.
The mainstay is currently forming near the $33,500 zone and the 100 hourly SMA. Any further losses could push the price back into negative territory.
Will Bitcoin (BTC) Rise?
If bitcoin stays stable above the $33,500 reinforcement zone, it could continue to rise.
The first major resistance is around $35,000. If there is a close above the $35,000 resistance area, the price could rise to the $36,500 resistance area. The next major mania is near the $38,000 region.
- Hourly MACD – The MACD is now losing momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
- Main Basis Levels – 34,000 then $33,500
- Main Resistance Levels – $34,500, $35,000 and $36,500