• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin Surges 6% After Elon Musk Unveils Crypto Payment Master Plan
Bitcoin

TA: Bitcoin Price Revisits $38K, Why BTC Dips Turn Attractive

Aayush Jindal by Aayush Jindal
2 years ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin price gained bullish momentum and cleared the $38,000 resistance against the US Dollar. BTC could correct lower, but the bulls are likely to remain active above $37,200.

  • Bitcoin extended its rise and it even cleared the $38,000 resistance (as discussed yesterday).
  • The price is now trading above $37,500 and the 100 hourly simple moving average.
  • There are two major bullish trend lines forming with support near $37,200 and $36,000 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 protect strong dips below $37,000.

Bitcoin Price is Up 5%

Yesterday, we discussed high chances of a move towards the $38,000 resistance in bitcoin price. BTC did follow a bullish path above the $36,000 level and it cleared many hurdles near $37,000.

It even broke the $38,000 resistance and settled nicely above the 100 hourly simple moving average. It seems like the market sentiment improved after Ethereum traded to a new all-time high near $1,700. BTC also traded to a new monthly high at $38,342 and it is currently consolidating gains.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

An initial support on the downside is near the $37,650 level. It is close to the 23.6% Fib retracement level recent upward move from the $35,592 swing low to $38,342 high.

Bitcoin Price

Source: BTCUSD on TradingView.com

There are also two major bullish trend lines forming with support near $37,200 and $36,000 on the hourly chart of the BTC/USD pair. The first trend line is close to the 50% Fib retracement level recent upward move from the $35,592 swing low to $38,342 high.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

On the upside, the price is facing hurdles near the $38,100 and $38,200 levels. If there is a clear break above the $38,200 level and the recent higher, the bulls are likely to aim a test of the $40,000 level in the near term.

Dips Supported in BTC?

If bitcoin fails to clear the $38,200 resistance zone, it could correct lower in the short term. The first major support is near the $37,200 level and the trend line.

The next key support is near the $36,700 level (a multi-touch zone). Any more losses could lead the price towards the second bullish trend line at $36,000 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 now well above the 60 level.

Major Support Levels – $37,200, followed by $36,700.

Major Resistance Levels – $38,100, $38,200 and $39,500.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

Bitcoin Price Just Saw Key Technical Correction, But 100 SMA Is Still Strong

2 days ago
Bitcoin

Bitcoin Price Rally Post Fed Rate Hike Could Gather Momentum, Here’s Why

3 days ago
bitcoin bull stampede

Bitcoin Monthly Signals Stack Suggesting Bulls Are Ready To Stampede

3 days ago
Bitcoin and Ethereum

Bitcoin and Ethereum Whale Activities Plummet – Are Whales Getting Bored?

4 days ago
Bitcoin

Bitcoin Price At Risk of Downside Thrust Before Fresh Increase

4 days ago
Bitcoin

Bitcoin Price Hints At Potential Correction, Buy The Dip?

5 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Metaspins

Metaspins

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Monero (XMR) and Dogecoin (DOGE) are Popular Twitter Crypto Recommendations. Here’s Why Savvy Investors Choose Snowfall Protocol (SNW) Instead

February 5, 2023

Price Predictions for Polygon (MATIC), Uniswap (UNI), and Snowfall Protocol (SNW) for 2023 – 2030

February 5, 2023

Fantom And Decentraland Explode As Big Eyes Coin Raises $21M In Presale

February 4, 2023

The Metaverse Represents The Future of Web3: Decentraland (MANA), The Sandbox (SAND), and Snowfall Protocol (SNW) Lead the Way

February 4, 2023

Snowfall Protocol (SNW), Shiba Inu (SHIB), and Cronos (CRO) – The Best Cheap Cryptos to Buy Now

February 4, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.