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
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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