{"id":108364,"date":"2021-01-14T05:13:32","date_gmt":"2021-01-14T05:13:32","guid":{"rendered":"https:\/\/precoinnews.com\/?p=108364"},"modified":"2021-01-14T05:13:32","modified_gmt":"2021-01-14T05:13:32","slug":"ta-bitcoin-smashes-key-resistance-why-dips-in-btc-are-now-attractive","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-smashes-key-resistance-why-dips-in-btc-are-now-attractive\/","title":{"rendered":"TA: Bitcoin Smashes Key Resistance, Why Dips In BTC Are Now Attractive"},"content":{"rendered":"<p><em>Bitcoin price broke the main $36,000 and $36,500 resistance levels against the US Dollar. BTC is back in a positive zone and it is likely to continue higher towards $38,800 and $39,200.<\/em><\/p>\n<ul>\n<li>Bitcoin climbed higher nicely and it was able to clear the 36,000 and $36,500 resistance levels.<\/li>\n<li>The price is now trading nicely above the $37,000 level and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a key bearish trend line with resistance near $34,300 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could continue to move higher towards the $38,800 and $39,200 resistance levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Jumps 10%<\/h2>\n<p>After forming a support base above $32,000, bitcoin price started a fresh increase. BTC surpassed the $34,000 and $35,000 resistance levels to move into a positive zone.<\/p>\n<p>The bulls gained strength when there was a break above a key bearish trend line with resistance near $34,300 on the hourly chart of the BTC\/USD pair. The pair consolidated above the trend line before it climbed above the $36,000 resistance level.<\/p>\n<p>There was a strong wave and the price was able to clear the $37,000 level as well. The price traded as high as $38,223 and settled well above the 100 hourly simple moving average.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/01\/Bitcoin-10.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>On the downside, an initial support is near the $36,800 level. It is close to the 23.6% Fib retracement level of the recent increase from the $32,320 swing low to $38,223 high. The main support is now forming near the $36,000 level and the 100 hourly simple moving average (the recent breakout zone).<\/p>\n<p>Bitcoin price is clearly showing positive signs and it seems like it could continue to rise towards the $38,800 resistance level. The next key resistance is at $39,200, above which the price could retest $40,000.<\/p>\n<h2>Dips Are Attractive in BTC?<\/h2>\n<p>If bitcoin starts a downside correction, the $36,000 zone is likely to act as a massive strong. The next support is near the $35,250 level. It is close to the 50% Fib retracement level of the recent increase from the $32,320 swing low to $38,223 high.<\/p>\n<p>A downside break below the $35,200 and $35,000 support levels may possibly push the price back into a bearish zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is slowly gaining momentum in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is now well above the 60 level.<\/p>\n<p>Major Support Levels &ndash; $36,250, followed by $36,000.<\/p>\n<p>Major Resistance Levels &ndash; $38,250, $38,800 and $39,200.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-smashes-key-resistance-36500\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price broke the main $36,000 and<\/p>\n","protected":false},"author":3,"featured_media":108363,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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