Bitcoin risks falling below the $36K level with the price struggling to gain momentum above the $37K level and more drops are on the horizon if BTC breaks below this $36K support zone so let’s read more in today’s Bitcoin news.
Bitcoin is facing a strong resistance close to the $37,800 and the $38,000 resistance level with the price is now trading above the $36,500 support and the 100 hourly simple moving average and a key contracting triangle that is forming with the support at $36,100 on the hourly charts of the pair. The pair could clear the $38,000 resistance to start a fresh surge in the near-term. After the close above these levels, the BTC price started a fresh upwards move and broke the $35K and $36K as well with the resistance levels moving into a short-term bullish zone.
The price spiked above the $37,000 level and settled above the 100 hourly simple moving average. The price is, however, facing a strong resistance close to the $37,800 and the $38,000 resistance levels but the new high is formed near the $3,294 and the price is correcting lower. There was a break below the $36,800 level so the initial support on the downside is near the $36,500 level and the 100 hourly simple moving average. The next support is close to the 50% fib retracement level of the recent recovery from the $35,407 low to the $37,294 high.
There’s also a key contracting triangle forming with the support near the $36,100 on the hourly charts of the pair. the triangle support is close to the 61.8% Fib retracement level from the recent recovery from the $35,407 low to the $37,294 high. If there’s a downside break below the triangle support, Bitcoin risks moving down with the next major support nearing the $34,800 level where the bulls could take a stand. If BTC stays above the $36,500 level and the $36,100 support levels it could attempt a clear of the $37,500 levels and the $37,800 resistance levels. The main resistance is still near the $38,000 zone with a close above this, being able to lead to a strong surge in the upcoming sessions.
The hourly MACD for the pair fails to gain momentum in the bullish zone and the hourly RSI for the pair is well above the 50 level. The major support levels include $36,500 and $36,100 and the major resistance levels include $37,250 and $37,800.
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