Bitcoin (BTC) Price Analysis: Gains Momentum Again, What Triggers Further Rise?

Bitcoin found support near $35,550 and started a fresh increase
 Bitcoin (BTC) Price Analysis: Gains Momentum Again, What Triggers Further Rise?
READING NOW Bitcoin (BTC) Price Analysis: Gains Momentum Again, What Triggers Further Rise?

Bitcoin found support around $35.550 and started a fresh increase. According to technical analysis by NewsBTC’s Aayush Jindal, BTC needs to clear $38,000 for additional gains in the short term.

Bitcoin Found Support

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Bitcoin found support in the $35,550 zone after starting a downward move from the $38,500 resistance zone. A low was formed near $35.550 and the price started a fresh increase. There was a clear move above the $36.200 and $36,500 resistance levels. There was also a break above a major bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair. BTC is now trading above $37,000 and the 100 hourly simple moving average.

Initial resistance is near the $37.250 level. The first major resistance is near the $37.650 area. This is 61% of the last drop from $38,899 to $35,550. Close to 8 Fib retracement level.

The main resistance is still near the $38,000 zone. An upside break above the $38,000 resistance could start a steady upward move. The next key resistance is near the $38,500 level, where the bulls might gain strength.

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 $36,500 zone. The first major support is seen near the $35,550 area. A downside break below the $35.550 support zone could push the price towards the $34,000 support zone.

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 – 36.500 then $35.550
  • Main Resistance Levels – $37.650, $38,000 and $38,500

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