TA: Bitcoin Steadies above 100 SMA, Here’s How BTC Could Start Fresh Increase

Aayush Jindal

1 year ago

2 mins read

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Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term.

Bitcoin is holding a couple of important supports near the $36,000 zone.
The price is currently trading nicely above $36,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if it breaks the $37,000 resistance zone.

Bitcoin Price Remains Supported

Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average.

However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.

The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair.

The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone.

Downside Break in BTC?

If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level.

The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the stated case, the price is likely to dive towards the $35,000 support.

Technical indicators:

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

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

Major Support Levels – $36,000, followed by $35,500.

Major Resistance Levels – $37,000, $38,000 and $40,000.

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.

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