Cryptocurrency

Bitcoin (BTC) Price Analysis: Established Uptrend Pattern, What Are The Key Levels?

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.

Technical Indicators

  • 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

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