Bitcoin price rose again above the $ 32,500 and $ 33,500 resistance levels against the US dollar. BTC is showing positive signs, but $ 34,500 and $ 35,000 are still major resistance.
- Bitcoin is up over 10% and has passed the resistance level of $ 34,000.
- The price is currently trading well above the $ 33,200 pivot level and the 100-hour simple moving average.
- A major bullish trendline is forming on the hourly chart of the BTC / USD pair (data feed from Kraken) with support near USD 33,200.
- The pair could correct lower, but it will likely find bids near $ 33,200 or $ 32,800.
Bitcoin price rises by over 10%
After a support base of over $ 32,000 was established, the price of Bitcoin rose sharply. BTC has broken through the $ 32,500 and $ 33,200 resistance levels to enter a short-term positive zone.
During the rise, there was a break above a major bearish trendline with resistance near USD 31,550 on the hourly chart of the BTC / USD pair. Such was the surge that the pair broke the $ 34,000 resistance and was above the 100-hour simple moving average.
A high has been formed near $ 34,424 and the price is currently consolidating gains. Initial support is near the $ 33,200 level. It is near the 23.6% Fib retracement level of the move up from the $ 29,282 low to the $ 34,424 high.
Source: BTCUSD on TradingView.com
There is also a large bullish trendline with support near $ 33,200 on the same chart. On the upside, the price faces many strong hurdles near $ 34,500 and $ 35,000.
To get into a positive zone for a major rally, Bitcoin must break the $ 34,500 resistance and then settle above the key limit of $ 35,000 for a short period.
Fresh dip in BTC?
If Bitcoin fails to offset the $ 34,500 or $ 35,000 resistance, it could cause another drop. Initial support is near the trend line at USD 33,200.
The main support is now forming near the $ 32,000 zone. It is close to the 100-hour simple moving average and the 50% fib retracement level of the move up from the $ 29,282 swing low to the $ 34,424 high. Further losses may require a $ 31,200 test.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is now well above the 60 level.
Major Support Levels – $ 33,200, followed by $ 32,000.
Main Resistance Levels – $ 34,500, $ 34,800, and $ 35,000.
