Bitcoin Price Holds 100 SMA – A Strengthening Case For Fresh Increase
Bitcoin price is still above the $33,200 support zone. BTC could start a fresh increase unless there is a close below the 100 hourly SMA and $33,400.
Bitcoin is still struggling to clear the $35,000 resistance.
The price is trading above $33,500 and the 100 hourly Simple moving average.
There is a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a fresh increase if it clears the trend line and then $34,555.
Bitcoin Price Holds Key Support
Bitcoin price failed to gain strength for a close above the $35,000 resistance zone. BTC started a fresh decline below the $34,500 level. There was a move below the $34,000 zone as well before the bulls appeared.
A low is formed near $33,717 and the price is still well above the 100 hourly Simple moving average. It is slowly moving higher above the $34,000 level. There was a break above the 23.6% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low.
Bitcoin is now trading above $33,650 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $34,100 level. There is also a connecting bearish trend line forming with resistance near $34,120 on the hourly chart of the BTC/USD pair.
The next key resistance could be near $34,550 or the 61.8% Fib retracement level of the downward move from the $35,140 swing high to the $33,717 low. The main resistance is still near the $35,000 zone.
Source: BTCUSD on TradingView.com
A clear move above the $35,000 resistance might start another surge. The next key resistance could be $36,500. Any more gains might send BTC toward the $38,000 level in the coming days.
Another Decline In BTC?
If Bitcoin fails to rise above the $34,550 resistance zone, it could start another decline. Immediate support on the downside is near the $33,700 level.
The next major support is near the $33,400 level and the 100 hourly Simple moving average. If there is a move below the 100 hourly Simple moving average, there is a risk of more downsides. In the stated case, the price could decline toward the $31,500 level in the coming sessions.
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 below the 50 level.
Major Support Levels – $33,700, followed by $33,400.
Major Resistance Levels – $34,120, $34,550, and $35,000.
