Bitcoin Steadies above 100 SMA, Here’s How BTC Could Start Fresh Increase

Bitcoin price corrected lower from the $38,000 resistance zone against the US Dollar. BTC is holding the 100 hourly SMA and it could start a fresh increase in the near term.

Bitcoin is holding a couple of important supports near the $36,000 zone.
The price is currently trading nicely above $36,000 and the 100 hourly simple moving average.
There is a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start a major increase if it breaks the $37,000 resistance zone.

Bitcoin Price Remains Supported
Bitcoin gained pace above the $35,500 resistance and extended its upward move. BTC even broke the $37,000 resistance level and the 100 hourly simple moving average.
However, the bulls struggled to clear the $38,000 resistance zone. A high was formed near $37,900 and the price recently corrected lower. There was a break below the $37,000 support level. Bitcoin declined below the 23.6% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.
The price is now trading nicely above $36,000 and the 100 hourly simple moving average. There is also a key declining channel forming with resistance near $36,800 on the hourly chart of the BTC/USD pair.
The pair is also finding bids near the 50% Fib retracement level of the recent upward move from the $34,225 swing low to $37,900 high.

Source: BTCUSD on TradingView.com
On the upside, an immediate resistance is near the $36,800 level. The first major resistance is near the $37,000 level. A clear break above the $37,000 zone could set the pace for a fresh high above $37,900. The next major resistance is near the $38,800 level, above which the price could test the $40,000 zone.
Downside Break in BTC?
If bitcoin fails to clear the $37,000 resistance, it could correct lower. An initial support on the downside is near the $36,200 level.
The first major support is near the $36,000 level and the 100 hourly simple moving average. If there is a downside break below the $36,000 support, the price could start another decline. In the stated case, the price is likely to dive towards the $35,000 support.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is just above the 50 level.
Major Support Levels – $36,000, followed by $35,500.
Major Resistance Levels – $37,000, $38,000 and $40,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 42,157.30
ethereum
Ethereum (ETH) $ 2,215.40
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 230.42
xrp
XRP (XRP) $ 0.611237
solana
Solana (SOL) $ 60.44
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 2,213.37
cardano
Cardano (ADA) $ 0.399515
dogecoin
Dogecoin (DOGE) $ 0.089456
tron
TRON (TRX) $ 0.102835
chainlink
Chainlink (LINK) $ 15.38
the-open-network
Toncoin (TON) $ 2.39
avalanche-2
Avalanche (AVAX) $ 22.05
matic-network
Polygon (MATIC) $ 0.791533
polkadot
Polkadot (DOT) $ 5.55
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 42,103.28
shiba-inu
Shiba Inu (SHIB) $ 0.000009
litecoin
Litecoin (LTC) $ 71.96
dai
Dai (DAI) $ 0.999062
bitcoin-cash
Bitcoin Cash (BCH) $ 240.71
uniswap
Uniswap (UNI) $ 6.19
leo-token
LEO Token (LEO) $ 3.71
okb
OKB (OKB) $ 57.44
stellar
Stellar (XLM) $ 0.119982
monero
Monero (XMR) $ 169.67
kaspa
Kaspa (KAS) $ 0.140663
true-usd
TrueUSD (TUSD) $ 0.998979
ethereum-classic
Ethereum Classic (ETC) $ 19.79
cosmos
Cosmos Hub (ATOM) $ 9.57
crypto-com-chain
Cronos (CRO) $ 0.094796
internet-computer
Internet Computer (ICP) $ 4.97
filecoin
Filecoin (FIL) $ 4.61
near
NEAR Protocol (NEAR) $ 2.19
hedera-hashgraph
Hedera (HBAR) $ 0.064427
lido-dao
Lido DAO (LDO) $ 2.33
aptos
Aptos (APT) $ 7.38
bittensor
Bittensor (TAO) $ 336.23
thorchain
THORChain (RUNE) $ 6.33
immutable-x
Immutable (IMX) $ 1.43
vechain
VeChain (VET) $ 0.024739
mantle
Mantle (MNT) $ 0.565667
blockstack
Stacks (STX) $ 1.18
binance-usd
BUSD (BUSD) $ 1.00
optimism
Optimism (OP) $ 1.73
quant-network
Quant (QNT) $ 100.95
aave
Aave (AAVE) $ 96.50
the-graph
The Graph (GRT) $ 0.151618
arbitrum
Arbitrum (ARB) $ 1.07
injective-protocol
Injective (INJ) $ 15.93