Bitcoin price rose again above the $ 33,200 resistance against the US dollar. BTC is likely to see more upside moves above the USD 34,500 and USD 35,000 resistance levels.
- Bitcoin is up over 5% and has broken the $ 33,200 and $ 33,500 resistance levels.
- The price is trading well near $ 34,000 and well above the 100-hour simple moving average.
- On the hourly chart of the BTC / USD pair (data feed from Kraken) there was a break above a large bearish trendline with resistance near USD 32,400.
- The pair is likely to accelerate higher above the $ 34,500 and $ 35,000 resistance levels.
The Bitcoin price is gaining momentum
Yesterday we discussed the chances of Bitcoin price spiking again above $ 33,200 and $ 33,500. BTC rose bullishly and was able to break the $ 33,200 and $ 33,500 resistance levels.
There was also a break above a major bearish trendline with resistance near USD 32,400 on the hourly chart of the BTC / USD pair. The pair picked up pace and broke the $ 34,000 resistance zone. It tested the $ 34,500 resistance and was above the 100 hour simple moving average.
A high is being formed near $ 34,536 and the price is currently consolidating gains. It tested the $ 33,800 support zone and 23.6% fib retracement level of the recent wave from $ 31,196 to $ 34,536.
Source: BTCUSD on TradingView.com
If there are other downsides, the price could test the $ 32,800 support. It is close to the 50% Fib retracement level of the recent wave from the $ 31,196 low to the $ 34,536 high. On the upside, the price is facing hurdles near the $ 34,500 level.
A significant interruption and close above the $ 34,500 level could potentially open the doors for a surge above the $ 35,000 level. In the given case, the next major stop for the bulls could be $ 36,500 or $ 37,200.
Dips supported in BTC?
If Bitcoin fails to hit the $ 34,500 and $ 35,000 levels, it could start a new downtrend. Initial downside support is near the $ 33,000 and $ 32,800 levels.
The main support is now forming near the $ 32,400 level and the 100 hour simple moving average. A close below the 100-hour SMA could in the short term trigger another decline towards the USD 30,000 support zone.
Technical indicators:
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 55 level.
Major Support Levels – $ 33,800 followed by $ 32,800.
Main Resistance Levels – $ 34,500, $ 35,000, and $ 36,500.
