Bitcoin is still consolidating below the $37,750 resistance. The price is trading above $37,200 and the 100 hourly simple moving average. A short-term contracting triangle is forming with resistance near $37,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a sharp rise if it breaks the $38,000 resistance zone.
Bitcoin price maintains gains above $37,000. BTC is consolidating and could soon aim for another rally if it breaks the $38,000 resistance zone.
Bitcoin price remained well bid and started a steady rise above the $37,000 resistance. BTC pared all losses and even revisited the $37,750 resistance zone. It seems that the bulls are still struggling to overcome the $37,750 resistance zone.
A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $35,645 to the high of $37,848.
Bitcoin Price Remains Supported
Bitcoin is now trading above $37,200 and the 100 hourly simple moving average. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $37,420 level.
The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38.0000 resistance could start a sharp rise.
The next key resistance could be near $38,800, above which BTC could rise and test the $39,200 level. In the right case, it could even rise towards the $40,000 resistance.
Another Fall in BTC?
If Bitcoin fails to break above the $37,750 resistance zone, it could start a new decline. Immediate downside support is near the $37,200 level.
The next major support is $37,000 and the 100 hourly simple moving average. The first key support is at $36,750 or the 50% Fibonacci retracement level of the upward move from the low of $35,645 to the high of $37,848. If there is a move below $36,750, there is a risk of further downside. In the indicated case, the price could fall towards the $36,000 support in the near term. The next key support or target could be $35,650.
Key Bitcoin Levels to Watch
Bitcoin just briefly recovered above the $36,000 level. If it loses this level in the next few hours, the $35,000 and $34,578 levels would be the next support to watch, followed by $33,393 and $32,602.
The $36,729 level now serves as resistance on the lower time frame. A push above it could bring a recovery back to $37,982 before rising to $38,500 and $39,000.
Key Resistance Levels: $36,729, $37,982, $38,500
Key Support Levels: $34,578, $33,393, $32,602
Cash price: $36,000
Trend: Bullish
Volatility: Moderate
By Leonardo Perez
