TA: Bitcoin Recovers Sharply, Why BTC Could Rally Further Above $38K


Bitcoin worth began a powerful enhance above the $35,000 resistance in opposition to the US Dollar. BTC is at the moment exhibiting numerous optimistic indicators and it might even surge above $38,000.

  • Bitcoin began a gentle enhance above the $35,000 and $36,000 resistance ranges.
  • The worth is at the moment effectively above $36,000 and the 100 hourly easy shifting common.
  • There was a break above a serious bearish development line with resistance close to $35,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to speed up increased if it clears the $38,000 resistance zone within the close to time period.

Bitcoin Price Turns Green

Bitcoin discovered a powerful shopping for curiosity close to the $31,000 zone and it began a steady increase. BTC broke many necessary hurdles close to $35,000 to maneuver right into a optimistic zone.

There was additionally a break above a serious bearish development line with resistance close to $35,000 on the hourly chart of the BTC/USD pair. The pair even settled above the $36,000 resistance and the 100 hourly simple moving average.

Bitcoin climbed above the $37,000 degree and traded as excessive as $37,484. It is now consolidating beneficial properties above the $37,000 degree. An rapid help is close to the $36,500 degree. The first key help is close to the $36,000 zone. It is near the 23.6% Fib retracement degree of the upward transfer from the $31,050 swing low to $37,484 excessive.

Source: BTCUSD on TradingView.com

The subsequent main help is close to the $35,000 degree and the 100 hourly easy shifting common. The 50% Fib retracement degree of the upward transfer from the $31,050 swing low to $37,484 excessive is the subsequent help close to the $34,250 degree.

On the upside, the primary main resistance is close to the $37,500 degree. The major resistance is close to the $38,000 zone, above which the worth might rally in direction of the $40,000 degree within the close to time period.

Dips Supported in BTC?

If bitcoin fails to clear the $38,000 resistance, it might begin a draw back correction. An preliminary help on the draw back is close to the $36,500 degree.

The first main help is close to the $36,000 degree. The major help is now forming close to the $35,000 degree and the 100 hourly SMA. If the worth fails to remain above $35,000, the worth might dive to $32,000.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now effectively above the 50 degree.

Major Support Levels – $36,000, adopted by $35,000.

Major Resistance Levels – $37,500, $38,000 and $40,000.



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