Bitcoin price started a fresh increase above the $35,000 resistance against the US Dollar.
The price is now trading well above the $35,000 zone and the 55 simple moving average (4-hours).
There is a key bullish trend line forming with support near $37,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
The pair might correct lower, but the bulls are likely to remain active near $37,000.
Bitcoin price is slowly gaining bullish momentum above $38,000 against the US Dollar. BTC could start a major increase if there is a weekly close above $40,000.
Bitcoin Price Analysis
Bitcoin price formed a base above the $29,500 and $30,000 levels. BTC started a fresh increase above the $32,000 and $33,500 resistance levels.
The price even gained strength above the $35,000 level and the 55 simple moving average (4-hours). The bulls pumped the price above the $40,000 level, but there was no upside continuation. A high was formed near $40,470 before the price corrected gains.
It declined below $38,000, but the bulls were active above $36,500. A low was formed near $36,440 and the pair started a fresh increase. It broke the 50% Fib retracement level of the downward move from the $40,470 swing high to $36,440 low.
It is now struggling to gain pace above the $40,000 resistance. An initial support on the downside is near the $38,350 level. It is near the 50% Fib retracement level of the recent increase from the $36,440 swing low to $40,270 high.
The main support is now forming near $37,000. There is also a key bullish trend line forming with support near $37,000 on the 4-hours chart of the BTC/USD pair. On the upside, the first major resistance is near the $40,000 level. The main resistance is now forming near the $40,400 level. A close above the $40,500 zone is needed for a fresh increase.
Looking at the chart, bitcoin price is clearly trading well above $35,000 and the 55 simple moving average (4-hours). Overall, the price might correct lower, but the bulls are likely to remain active near $37,000 in the near term.
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now well above the 50 level.
Key Support Levels – $38,350 and $37,000.
Key Resistance Levels – $40,000, $40,500 and $42,000.
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