Bitcoin is rising again after yesterday’s drop. It could face hurdles near $37,800 and $38,000, according to technical analysis by NewsBTC’s Aayush Jindal.
Bitcoin Rising Again
Bitcoin started to rise again after forming a bottom around $36,300 yesterday. There was a clear move above the $37,000 resistance. The price settled above the 23.6% Fib retracement level of the bearish move from the $39,290 high to $36,300 high.
Bitcoin is currently trading just under $38,000. The first major resistance is near the $37,800 area. There is also a key bearish trend line forming with resistance near $37,800 on the hourly chart of BTC/USD. The trend line is near the 50% Fib retracement level of the bearish move from the $39,290 high to $36,300 high.
The 100 hourly simple moving average could also act as a hurdle near $37,800. A clear move above the trendline resistance and $38,000 could set the pace for a decent increase.
Will Bitcoin Drop?
Jindal says that if Bitcoin fails to start a fresh increase above $38,000, it could start another decline. An immediate support is near the $37,000 region. The first major support is seen near the $36,300 zone. Any further losses may require a move towards the $36,000 support zone. If the bulls fail to protect $36,000, there could be a steep decline in the near term.
What Are Technical Indicators Saying?
- Hourly MACD – The MACD is now gaining momentum in the bullish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
- Main Support Levels – 36,300 then $36,000
- Main Resistance Levels – $37,800, $38,000, and $39,250
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