HomeBitcoin NewsBitcoin Price Analysis: BTC Could Regain Strength Above This Resistance

Bitcoin Price Analysis: BTC Could Regain Strength Above This Resistance

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  • Bitcoin price is attempting a fresh increase from the $35,600 zone against the US Dollar.
  • The price is now trading below $36,500 and the 55 simple moving average (4 hours).
  • There is a major bullish trend line forming with support near $35,700 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a fresh increase if it clears the $36,720 resistance zone.

Bitcoin price is rising from $35,600 against the US Dollar. BTC might eye another increase if the bulls remain active above the $35,500 zone.

Bitcoin Price Analysis

Bitcoin price started a fresh decline after it failed to clear the $38,000 resistance. BTC declined below the $37,500 and $37,000 support levels to enter a short-term bearish zone.

There was also a move below the $36,500 level. A low is formed near $35,633 and the price is now attempting a fresh increase. The bulls were able to push the price above the $36,000 level. The price is now above the 23.6% Fib retracement level of the downward wave from the $37,784 swing high to the $35,633 low.

Bitcoin price is now trading below $36,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $36,500 level.

The next major resistance might be near the $36,720 zone or the 50% Fib retracement level of the downward wave from the $37,784 swing high to the $35,633 low. A clear move above the $36,500 and $36,720 resistance levels might send the price toward $37,500.

Any more gains might push the price toward the $38,000 zone. If there is no upside break, the price might start a fresh decline below the $36,000 level.

The first major support is $35,700. There is also a major bullish trend line forming with support near $35,700 on the 4-hour chart of the BTC/USD pair. The next key support is near the $35,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $34,400 level.

Bitcoin Price

Looking at the chart, Bitcoin’s price is trading below $36,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $36,720 resistance zone.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Key Support Levels – $35,700 and $35,500.

Key Resistance Levels – $36,500, $36,720, and $37,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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