Bitcoin (BTC) Price Starts Bullish Pattern Afresh, Close above US$35,000 Is Crucial
Bitcoin price against the US Dollar (BTC/USD) started a fresh increase above the support zone around US$32,000. It successfully broke above the resistance at US$33,500 as well as the 100-hour simple moving average (SMA). The BTC/USD exchange rate even moved above the US$34,000 price level and moved into a positive zone but struggled to surpass the major resistance at the US$35,000 level.
A high has been formed near the US$34,600 level and the price is currently correcting gains. A break also took place below the 23.6% Fibonacci retracement level of the upward swing from the low at US$32,988 to a high at US$34,609. Initial support also formed near the US$34,000 level.
On the hourly chart of the BTC/USD pair, a major bullish trendline has started to form near $34,000. The next support level has formed near the US$33,800 level, which is close to the 50% Fibonacci retracement level of the upward swing from the low at US$32,988 to a high at US$34,609. The main support level is forming near the US$33,500 zone and the 100 hourly simple moving average. At press time, the price of BTC/USD is trading at US$33,590.74. Any more losses may push the BTC price back into the negative zone.
While the Hourly MACD has started to lose pace in the bullish zone, the Hourly RSI (Relative Strength Index) is currently well above the 50 level. If the bitcoin price holds above the support zone at US$33,500, the BTC/USD pair is likely to continue its upward movement. In that case, the immediate resistance level is located near the US$34,500 level. However, the major resistance level is located near the US$35,000 level. In case, the pair closes above the resistance at the US$35,000 level, there would be an upward movement towards the US$36,500 level. The next major resistance will be formed near the US$38,000 zone.