Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is correcting gains from the $38,000 zone. BTC is now consolidating and might aim for more upsides above the $37,250 resistance zone.
- Bitcoin started a downside correction from the $38,000 resistance zone.
- The price is trading near $37,000 and the 100 hourly Simple moving average.
- There is a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and might start a fresh increase toward $38,000.
Bitcoin Price Remains In Uptrend
Bitcoin price started a fresh increase above the $36,800 resistance zone. BTC gained pace for a clear move above the $37,000 resistance zone to move further into a positive zone.
It even rallied toward $38,000 before there was a downside correction to $35,850. Recently, there was a fresh increase above the $37,250 level, but the bears were active near $37,500. A high is formed near $37,500 and the price is now consolidating gains.
There was a drop below the $37,250 level. The price tested the 50% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high.
Bitcoin is now trading near $37,000 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $37,200 level. There is also a short-term declining channel forming with resistance near $37,250 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The next key resistance could be near $37,500, above which the price might accelerate further higher. In the stated case, it could test the $38,000 level. Any more gains might send BTC toward the $38,800 level.
More Downsides In BTC?
If Bitcoin fails to rise above the $37,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $36,700 level.
The next major support is near the $36,500 zone or the 61.8% Fib retracement level of the upward move from the $35,891 swing low to the $37,500 high. If there is a move below $36,500, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $36,000 in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $36,700, followed by $36,500.
Major Resistance Levels – $37,250, $37,500, and $38,000.
