TA: Bitcoin Price Gains Traction, Why BTC Could Revisit $38K

Aayush Jindal

Last Updated: June 11, 2024 2:13 pm

2 mins read

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Bitcoin price started a steady increase above $35,000 against the US Dollar. BTC is showing positive signs and it could continue to rise towards the $38,000 barrier.

Bitcoin started a decent increase above the key $35,000 resistance zone.
The price is now trading above $35,500 and the 100 hourly simple moving average.
There was a break above a major contracting triangle forming with resistance near $34,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct a few points, but the bulls are likely to aim more upsides above $36,000.

Bitcoin Price is Gaining Momentum

After a close above the $34,200 zone, bitcoin price started a decent increase. BTC broke the main $35,000 resistance level and settled nicely above the 100 hourly simple moving average.

More importantly, there was a break above a major contracting triangle forming with resistance near $34,450 on the hourly chart of the BTC/USD pair. The pair gained bullish momentum and climbed above the $35,500 and $36,000 levels.

A high is formed near $36,341 and the price is currently consolidating gains. An initial support is near the $35,650 level. It is close to the 23.6% Fib retracement level recent upward move from the $33,521 swing low to $36,341 high.

Source: BTCUSD on TradingView.com

The next major support is near the $35,000 level or the 50% Fib retracement level recent upward move from the $33,521 swing low to $36,341 high. On the upside, the $36,200 level is a short-term resistance. A clear break above $36,200 could open the doors for a steady increase towards the $37,000 and $38,000 levels in the near term. An intermediate resistance could be $37,400.

Fresh Dip in BTC?

If bitcoin fails to clear the $36,200 resistance zone, there is a risk of a minor downside correction. The first major support is near the $35,000 level (the recent breakout zone).

The next key support is near the $34,550 level, where the bulls are likely to take a stand. If the bulls fail to protect the $35,000 and $34,550 support levels, the price could move back towards the $33,000 support level.

Technical indicators:

Hourly MACD – The MACD is showing positive signs in the bullish zone.

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

Major Support Levels – $35,000, followed by $34,550.

Major Resistance Levels – $36,200, $37,000 and $37,400.

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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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