- Bitcoin price is consolidating in a range below the $35,000 resistance against the US Dollar.
- The price is now trading near the $34,250 zone and the 55 simple moving average (4-hours).
- There is a major contracting triangle forming with resistance near $35,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to start a major increase if there is a clear break above the $35,000 resistance.
Bitcoin price is recovering higher above $34,000 against the US Dollar. BTC must surpass $35,000 and $35,500 for more upsides in the near term.
Bitcoin Price Analysis
Bitcoin price remained well bid above the $31,000 and $32,000 levels. BTC seems to be forming a strong support base above the $32,000 zone. The recent low was formed near $33,176 and the price is now slowly rising.
There was a break above the 23.6% Fib retracement level of the recent decline from the $35,983 swing high to $33,176 swing low. It is now trading near the $34,250 zone and the 55 simple moving average (4-hours),
An immediate resistance is near the $34,450 level. It is near the 50% Fib retracement level of the recent decline from the $35,983 swing high to $33,176 swing low. The next major resistance is forming near the $35,000 zone. There is also a major contracting triangle forming with resistance near $35,000 on the 4-hours chart of the BTC/USD pair.
A clear break above the contracting triangle could set the pace for a larger increase above $35,500. The next major resistance on the upside could be $36,500.
An initial support on the downside is near $34,000. The main support is now forming near $33,800 and the triangle lower trend line, below which there is a risk of a sharp decline in the coming sessions. In the stated case, the price could decline towards the $32,000 support.
Looking at the chart, bitcoin price is clearly trading below $35,000 and the 55 simple moving average (4-hours). Overall, the price is likely to start a major increase if there is a clear break above the $35,000 resistance.
What do the Experts think?
According to Anatoli Ille, founder of OTON ecosystem, Ethereum is in an even more favourable position than bitcoin because its price movement is influenced not by the bear factor (awaiting the Greyscale unlock) but the bull factor – the London hard fork on August 4. The main altcoin is under the key resistance at the level of $2400. When it breaks through, it will lead to the impulse movement to $3 thousand. The outrunning growth of ethereum, in comparison with bitcoin, is expected. In other words, there will be a growth of the trading pair ETH/BTC.
4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $33,800 and $32,000.
Key Resistance Levels – $34,500, $35,000 and $36,500.