Bitcoin Price Turns Green, Why $35K Is Still A Major Barrier

Bitcoin Price Turns Green, Why K Is Still A Major Barrier

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.

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img

You might also like...