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Bitcoin price started a fresh increase above the $33,200 resistance against the US Dollar. BTC is likely eyeing more upsides above the $34,500 and $35,000 resistance levels.
- Bitcoin is up over 5% and it broke the $33,200 and $33,500 resistance levels.
- The price is trading nicely near $34,000 and it is well above the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $32,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher above the $34,500 and $35,000 resistance levels.
Bitcoin Price is Gaining Momentum
Yesterday, we discussed the chances of a fresh increase in bitcoin price above $33,200 and $33,500. BTC did gain bullish momentum and it was able to clear the $33,200 and $33,500 resistance levels.
There was also a break above a major bearish trend line with resistance near $32,400 on the hourly chart of the BTC/USD pair. The pair gained pace and it even broke the $34,000 resistance zone. It tested the $34,500 resistance and settled above the 100 hourly simple moving average.
A high is formed near $34,536 and the price is currently consolidating gains. It tested the $33,800 support zone, and the 23.6% Fib retracement level of the recent wave from the $31,196 swing low to $34,536 high.
Source: BTCUSD on TradingView.com
If there are more downsides, the price could test the $32,800 support. It is close to the 50% Fib retracement level of the recent wave from the $31,196 swing low to $34,536 high. On the upside, the price is facing hurdles near the $34,500 level.
A clear break and close above the $34,500 level may possibly open the doors for a surge above the $35,000 level. In the stated case, the next major stop for the bulls could be near $36,500 or $37,200.
Dips Supported in BTC?
If bitcoin fails to clear the $34,500 and $35,000 levels, it could start a fresh downward move. An initial support on the downside is near the $33,000 and $32,800 levels.
The main support is now forming near the $32,400 level and the 100 hourly simple moving average. A close below the 100 hourly SMA could start a fresh decline towards the $30,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 55 level.
Major Support Levels – $33,800, followed by $32,800.
Major Resistance Levels – $34,500, $35,000 and $36,500.
