Bitcoin Smashes Resistance Key, Why Dips In BTC Are Attractive Now

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The Bitcoin price broke the first resistance levels $ 36,000 and $ 36,500 against the US Dollar. BTC has returned to a positive territory and is likely to continue higher towards $ 38,800 and $ 39,200.

  • Bitcoin climbed up nicely and was able to clear the 36,000 and $ 36,500 resistance levels.
  • The price is now trading better than the $ 37,000 level and the simple 100 hour moving average.
  • A break above the bearish key trend line with resistance near $ 34,300 on the hourly chart of the BTC / USD pair (data feed from Kraken).
  • The pair could continue to move higher to resistance levels of $ 38,800 and $ 39,200.

Bitcoin Price Jumps 10%

After establishing a support above $ 32,000, the bitcoin price started a new increase. BTC crossed the $ 34,000 and $ 35,000 resistance levels to move to a positive territory.

The bulls were strong when a break above the bearish key trend line with resistance near $ 34,300 on the hourly chart of the BTC / USD pair. Both united above the trend line before climbing the $ 36,000 high resistance level.

There is a strong tide and the price has been able to accurately define the $ 37,000 level. The price sold as high as $ 38,223 and settled well above the simple 100 hour moving average.

Bitcoin prices

Source: BTCUSD on TradingView.com

At the bottom, the main support is near the $ 36,800 level. Near 23.6% Fib retracement level of recent increase from $ 32,320 swing low to $ 38,223 high. The first support is now developing near the $ 36,000 level and a simple 100-hour moving average (recent breaking zone).

Bitcoin prices are showing in bearish signs and it looks like it could continue to rise to the $ 38,800 resistance level. The next key protection is $ 39,200, above which the charge could also return $ 40,000.

Dips Is Attraction in BTC?

If bitcoin starts to slow down, the $ 36,000 area is likely to function as a strong force. The next support is near the $ 35,250 level. Near 50% Fib retracement level of recent increase from $ 32,320 going down to $ 38,223 high.

A break below the support levels of $ 35,200 and $ 35,000 could push the price back into the bear area in the near term.

Technology indicators:

Hour MACD – MACD is slowly reversing in bullish territory.

RSI Hour (Relative Strength Index) – RSI for BTC / USD is now well above the 60 level.

Special Support Levels – $ 36,250, followed by about $ 36,000.

Major Opposition Levels – $ 38,250, $ 38,800 and $ 39,200.

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