Bitcoin price climbed higher and it settled above the $34,000 level against the US Dollar. BTC is likely to continue higher if it settles above $35,000 in the near term.
Bitcoin started a fresh increase above the $33,500 and $34,000 resistance levels.
The price is now trading nicely above $34,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to rally above $35,000 unless there is a clear break below the trend line support.
Bitcoin Price Remains Supported
Bitcoin remained well bid above the main $30,000 support zone. BTC started a fresh increase above the $32,500 and $33,500 resistance levels. The price even broke the $34,000 pivot level.
It is now trading nicely above $34,000 and the 100 hourly simple moving average. There was also a spike above the $35,000 level. However, the bulls failed to gain strength above $35,000 and the price is now consolidating gains.
It tested the 23.6% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high. Bitcoin is now trading nicely above the $34,500 level. There is also a key bullish trend line forming with support near $34,500 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
If the pair fails to stay above the trend line support, it could decline further towards $33,200 and the 100 hourly SMA. The next major support is near the $32,800 level. It is near the 50% Fib retracement level of the upward move from the $30,180 swing low to $35,315 high.
Fresh Rally in BTC?
If bitcoin remains stable above the trend line support, it could rise further above the $35,000 resistance. An immediate resistance on the upside is near the $35,500 level.
The next key resistance is near $36,500, above which the bulls are likely to aim a rally towards $38,000. Any more gain could lift the price towards the key the $40,000 zone in the near term.
Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.
Major Support Levels – $34,500, followed by $33,200.
Major Resistance Levels – $35,000, $35,500 and $36,500.
