Bitcoin Prints Bullish Pattern, Why Close above $35K Is Crucial
Bitcoin price started a fresh increase from the $32,250 support zone against the US Dollar. BTC must settle above the $35,000 resistance to move further into a bullish zone.
Bitcoin started a fresh increase above the $33,500 and $34,000 resistance levels.
The price is now trading above the $34,000 support and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $34,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to continue higher above the $35,000 resistance unless it fails to stay above $33,500.
Bitcoin Price Starts Fresh Increase
Bitcoin formed a decent support base above the $32,000 zone and started a fresh increase. BTC broke the $33,500 resistance zone and the 100 hourly simple moving average.
It even surpassed the $34,000 resistance to move into a positive zone. However, the price is still struggling to surpass the main $35,000 resistance zone. A high is formed near $34,600 and the price is now correcting gains.
It traded below the $34,200 level. There was also a break below the 23.6% Fib retracement level of the upward move from the $32,988 swing low to $34,609 high. On the downside, an initial support is seen near the $34,000 level.
There is also a major bullish trend line forming with support near $34,000 on the hourly chart of the BTC/USD pair. The next support is near the $33,800 level. It is close to the 50% Fib retracement level of the upward move from the $32,988 swing low to $34,609 high.
Source: BTCUSD on TradingView.com
The main support is now forming near the $33,500 zone and the 100 hourly SMA. Any more losses might push the price back into a negative zone.
More Upsides in BTC?
If bitcoin remains stable above the $33,500 support zone, it could continue to move higher. An immediate resistance on the upside is near the $34,500 level.
The first major resistance is near $35,000. If there is a close above the $35,000 resistance zone, the price could rise towards the $36,500 resistance. The next major hurdle is near the $38,000 zone.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
Major Support Levels – $34,000, followed by $33,500.
Major Resistance Levels – $34,500, $35,000 and $36,500.