{"id":33095,"date":"2023-11-24T03:52:44","date_gmt":"2023-11-24T07:52:44","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=33095"},"modified":"2023-11-24T03:52:44","modified_gmt":"2023-11-24T07:52:44","slug":"bitcoin-price-key-indicators-suggest-strong-case-for-another-rally","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/11\/24\/bitcoin-price-key-indicators-suggest-strong-case-for-another-rally\/","title":{"rendered":"Bitcoin Price Key Indicators Suggest Strong Case For Another Rally"},"content":{"rendered":"

Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone.<\/em><\/p>\n

Bitcoin is still consolidating below the $37,750 resistance.
\nThe price is trading above $37,200 and the 100 hourly Simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price remained well-bid and started a steady increase above the $37,000 resistance<\/a>. BTC trimmed all losses and even revisited the $37,750 resistance zone. It seems like the bulls are still struggling to clear the $37,750 resistance zone.<\/p>\n

A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high.<\/p>\n

Bitcoin is now trading above $37,200 and the 100 hourly Simple moving average<\/a>. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $37,420 level.<\/p>\n

The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $38,800, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,200 level.<\/p>\n

The next major support is $37,000 and the 100 hourly Simple moving average. The first key support is at $36,750 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high. If there is a move below $36,750, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $37,000, followed by $36,750.<\/p>\n

Major Resistance Levels \u2013 $37,750, $38,000, and $38,800.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price is holding gains above $37,000. BTC is consolidating and might soon aim for another rally if it clears the $38,000 resistance zone.<\/em><\/p>\n

Bitcoin is still consolidating below the $37,750 resistance.
\nThe price is trading above $37,200 and the 100 hourly Simple moving average.
\nThere is a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could start a strong increase if it clears the $38,000 resistance zone.<\/p>\n

Bitcoin Price Remains Supported<\/h2>\n

Bitcoin price remained well-bid and started a steady increase above the $37,000 resistance<\/a>. BTC trimmed all losses and even revisited the $37,750 resistance zone. It seems like the bulls are still struggling to clear the $37,750 resistance zone.<\/p>\n

A high was formed near $37,848 and the price is now consolidating gains. There was a move below the 23.6% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high.<\/p>\n

Bitcoin is now trading above $37,200 and the 100 hourly Simple moving average<\/a>. There is also a short-term contracting triangle forming with resistance near $37,420 on the hourly chart of the BTC\/USD pair. On the upside, immediate resistance is near the $37,420 level.<\/p>\n

The first major resistance is forming near $37,750. The main resistance is still near the $38,000 level. A close above the $38,0000 resistance might start a strong increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $38,800, above which BTC could rise and test the $39,200 level. In the stated case, it could even rally toward the $40,000 resistance.<\/p>\n

Another Drop In BTC?<\/h2>\n

If Bitcoin fails to rise above the $37,750 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $37,200 level.<\/p>\n

The next major support is $37,000 and the 100 hourly Simple moving average. The first key support is at $36,750 or the 50% Fib retracement level of the upward move from the $35,645 swing low to the $37,848 high. If there is a move below $36,750, there is a risk of more downsides. In the stated case, the price could drop toward the $36,000 support in the near term. The next key support or target could be $35,650.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now losing pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n

Major Support Levels \u2013 $37,000, followed by $36,750.<\/p>\n

Major Resistance Levels \u2013 $37,750, $38,000, and $38,800.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-33095","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33095","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=33095"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33095\/revisions"}],"predecessor-version":[{"id":33101,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/33095\/revisions\/33101"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=33095"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=33095"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=33095"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}