The BTC Support holds tight at $36,000 and it could soon rise in the near-term as it started a downside correction from the $38,000 resistance against the US dollar as we can see more in our latest Bitcoin news.
BTC extended its rise and it cleared the $38,000 resistance with the price still trading above the $36,375 and the 100 hourly simple moving average. There’s also a major contracting triangle forming with support close to the $37,350 and the $36,00on the hourly chart of the BTC/USD pair with it breaking the triangle resistance of $37,500 to start a fresh increase. After trading above the $38,500 level the BTC price started a downside correction and it failed to stay above the $38,000 level while breaking the $37,500 support level.
The price broke the $37,000 level but the bulls were quite active about this level and a new low was formed near the $36,220 with the price consolidating in the range. It climbed above the 23.6% fib retracement level and the drop from the previous $38,716 high. Bitcoin is still trading above the $36,375 and the 100 hourly simple moving average with a major contracting triangle forming close to the support of $37,350 level on the hourly chart of the pair.
The triangle resistance is close to the $37,500 level and closed above the 50% fib retracement level from the drop at $38,716 high to $36,220 low. If there is a clear break above the triangle resistance and the $37,500 level with chances for a steady increase. The next major resistance is near the $38,000 level with a break above it could set the pace for a new move at $38,800 and $39,000 levels. If BTC fails to clear the $37,500 resistance and the upper trend line support and it could continue to move lower. The first key support is near the triangle lower line of $36,350. The BTC support holds tight here at these levels, and could test the 100 hourly SMA so more losses are able to send the price towards $35,000 support in the near term. The hourly MACD for the pair is gaining momentum in the bearish zone while the hourly RSI is below the 50 level.
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As reported earlier, Mike McGlone, the well-known Bloomberg analyst thinks that BTC will hit $50,000 in the coming sessions as the recent meltdown in the price from the ATH didn’t do anything to shake the bullish bias so let’s read more.
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