Bitcoin’s price is approaching a major stumbling block near $35,250. BTC could reach $37,000 if it breaks through the $35,250 and $35,500 resistance levels.
- Bitcoin has its sights set on surpassing the $36,000 resistance zone.
- The current trading price hovers around $34,850, closely aligned with the 100-hourly Simple Moving Average.
- A crucial contracting triangle is taking shape, finding support near $34,320 on the hourly chart of the BTC/USD pair (data feed sourced from Kraken).
- Sustaining a position above the $34,150 support is imperative for initiating a renewed uptrend in the short term.
The Bitcoin price stood strong, finding ample support above the $34,000 threshold. BTC made strides, surpassing both the $34,500 and $34,650 resistance levels, marking the beginning of yet another upward movement.
After surpassing the 50% Fibonacci retracement level from the decline between the $35,945 swing high and the $34,133 swing low, a notable move unfolded. Despite this, bearish forces came into play around the $35,200 mark, posing a significant challenge. The current scenario suggests a substantial obstacle looming around the $35,250 level for the price. The battlefield of bulls and bears continues!
Bitcoin finds itself in a tussle as it grapples with breaking past the 61.8% Fibonacci retracement level, a key hurdle in the aftermath of the downward journey from the $35,945 swing high to the $34,133 swing low. The current trading scenario places it in proximity to $34,850 and the 100-hourly Simple Moving Average, creating an interesting battleground for market forces. The struggle for dominance continues!
Adding another layer to the intrigue, a crucial contracting triangle is taking shape, finding its foundation near the $34,320 mark on the hourly chart of the BTC/USD pair. Looking towards the upside, the $35,050 level poses as immediate resistance, with the potential for the next significant challenge lying around $35,250 or the upper trend line of the triangle. The battlefield is set, and the stakes are high!
The path ahead holds promise as a decisive breakthrough above the $35,250 resistance could pave the way for further strides, eyeing the $35,500 resistance. Beyond this point, the journey might encounter the $36,000 milestone, acting as a gateway to a potential ascent towards $37,000. A surge beyond these levels may even propel BTC towards the $37,500 mark. The stage is set for an intriguing performance! Are you eagerly watching these price movements?
Consequences of BTC Continuation?
Bitcoin may keep falling if it is unable to break above the $35,250 resistance level. The $34,500 low provides immediate support below.
The next significant support level is around $34,150. More downsides are possible if the price falls below $34,150. In the aforementioned scenario, the price could even fall below the $34,000 support level in the near term.
Indicators of technical significance:
Hourly MACD – The MACD is now accelerating into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has fallen below 50.
Major Support Levels are $34,500 and $34,150, respectively.
The three major resistance levels are $35,050, $35,250, and $35,500.
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