Bitcoin Price Uptrend To Continue? These Factors Could Spark Fresh Surge
Bitcoin price is showing positive signs above the $37,000 resistance zone. BTC seems to be eyeing an upside break above the $38,000 resistance zone.
Bitcoin started a fresh increase and climbed above the $37,000 zone.
The price is trading above $37,000 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum once it clears the $37,800 and $38,000 levels.
Bitcoin Price Extends Increase
Bitcoin price remained stable and started a fresh increase above the $36,000 level. BTC climbed above the $37,000 level to move into a positive zone and avoid more downsides.
The upward move was such that the price even cleared the $37,350 level. A high was formed near $37,777 and the price is now consolidating gains. It is trading near the 23.6% Fib retracement level of the upward move from the $36,715 swing low to the $37,777 high.
Bitcoin is now trading above $37,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is near the $37,800 level. The main resistance is still near the $38,000 level. A close above the $38,000 resistance might start another strong increase.
Source: BTCUSD on TradingView.com
The next key resistance could be near $38,800. A clear move above the $38,800 resistance could send the price further higher toward the $39,200 level. In the stated case, it could even test the $40,000 level. Any more gains might send BTC toward the $41,200 level.
Another Downside Correction In BTC?
If Bitcoin fails to rise above the $37,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $37,120 level or the 61.8% Fib retracement level of the upward move from the $36,715 swing low to the $37,777 high.
The next major support is $37,000 and the trend line. If there is a move below $37,000, there is a risk of more downsides. In the stated case, the price could drop toward the $36,780 support in the near term. The next key support or target could be $36,200.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $37,120, followed by $37,000.
Major Resistance Levels – $37,800, $38,000, and $38,800.
Filed under: Bitcoin - @ November 21, 2023 3:12 am