Bitcoin price is still trading below $40,000 against the US Dollar. BTC might start a steady increase if it clears the $38,000 resistance level.
Bitcoin Price Analysis
Bitcoin price started a fresh increase after it found support near the $33,000 zone. BTC formed a base and moved above the $35,000 resistance to start a steady recovery.
There was a clear move above the $36,200 resistance and the 55 simple moving average (4-hours). The price climbed above the 50% Fib retracement level of the key decline from the $43,510 swing high to $32,934 low. Finally, there was a break above the $38,000 resistance.
It is now trading above $38,000 and the 55 simple moving average (4-hours). An immediate resistance is near the $39,500 level. It is near the 61.8% Fib retracement level of the key decline from the $43,510 swing high to $32,934 low.
The next major resistance on the upside is near the $40,000 level. To start a strong increase, the price must settle above the $40,000 level in the near term. If not, there might be a fresh decline below the $38,000 support zone.
There is also a key rising channel forming with support near $37,200 on the 4-hours chart of the BTC/USD pair. The next key support is near the $36,000 level. If the price fails to stay above $36,000, it could extend losses in the near term. The next major support sits near $35,500, below which there is a risk of a move towards the $33,000 level.
Bitcoin Price
Looking at the chart, bitcoin price is clearly trading above $38,000 and the 55 simple moving average (4-hours). Overall, the price could start a strong upward move if there was a break above the $40,000 resistance.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $37,500 and $36,000.
Key Resistance Levels – $39,500, $40,000 and $41,000.
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