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.
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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