TA: Bitcoin Gains Traction, Why BTC Could Target Fresh High Above $35K

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price regained strength for a fresh recovery and it broke $33,500 against the US Dollar. BTC is likely to continue higher above $35,000 in the near term.

Bitcoin started a fresh increase after the bulls defended the key $30,000 support.
The price is now trading nicely above $33,500 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is showing positive signs and it could soon attempt a clear break above $35,000.

Bitcoin Price Turns Green

Bitcoin declined again, but the bulls were active above the main $30,000 support zone. BTC formed a base above the $30,000 zone to start a fresh increase. BTC broke the $32,500 resistance to move into a positive zone.

There was a clear break above the 50% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone. It even cleared the $33,500 resistance zone and settled nicely above the 100 hourly simple moving average.

Moreover, there was a break above a key bearish trend line with resistance near $33,300 on the hourly chart of the BTC/USD pair. The pair even climbed above the 76.4% Fib retracement level of the downward move from the $35,460 swing high to $30,200 zone.

Source: BTCUSD on TradingView.com

The current price action is positive and it seems like bitcoin could continue to rise towards the $35,000 resistance. The next key resistance is near $35,500, above which the bulls are likely to aim a rally towards $38,000. The main resistance is still near the $40,000 zone.

Dips Limited in BTC?

If bitcoin fails to clear the $35,000 resistance or the $35,000 resistance, it could start a downside correction. An immediate support on the downside is near the $34,000 level.

The next major support is near the $33,500 level. The main support is now forming near the $33,000 level and the 100 hourly SMA. A downside break below the 100 hourly SMA could open the doors for a fresh drop towards the $30,000 zone in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 55 level.

Major Support Levels – $33,500, followed by $33,000.

Major Resistance Levels – $35,000, $35,500 and $36,500.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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