Bitcoin is now persistent over 100 SMA. The largest cryptocurrency is up for a brand new start!
Bitcoin price corrected lower from the $38,000 resistance zone versus the US Dollar. BTC now holds the 100 hourly SMA and it can start a newer increase in the near term.
Bitcoin Price is still Supported
Bitcoin gathered momentum over the $35,500 resistance and extended its surge upwards. Then, Bitcoin broke the $37,000 resistance level and the 100 hourly simple moving average.
But the bulls have battled to clear the $38,000 resistance zone. A high has been seen near the $37,900 and the price corrected lower recently. There has been a break lower the $37,000 support level. Bitcoin then declined below the 23.6% Fib retracement level of the current upward move from the $34,225 low to $37,900 high.
The price now trades admirably over the $36,000 and the 100 hourly simple moving average. Also, there is a key declining channel that forms with resistance near $36,800 on the hourly chart of the BTC/USD pair.
The pair is also looking for bids near the 50% Fib retracement level of the current upward move from the $34,225 swing low to $37,900 high.
On a more positive note, a quick resistance is around the $36,800 level. The first major resistance is around the $37,000 level. A smooth break over the $37,000 zone can set the pace for a fresh high over $37,900. The next heavy resistance is around the $38,000 level, above which the price can test the $40,000 zone.
Another Downside Break in BTC?
If ever Bitcoin didn’t successfully clear the resistance, it might correct lower. An essential support on the downside is around the $36,200 level.
The initial major support is around the $36,000 level and the 100 hourly simple moving average. If ever there will be a downside break lower than the $36,000 support, then the price can start another decline. In the given case, the price will likely dive to the $35,000 support.
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