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Bitcoin price broke the $ 36,000 and $ 36,500 resistance levels against the US Dollar. BTC is back in the positive zone and will likely continue to rise to $ 38,800 and $ 39,200.
Bitcoin rose nicely and managed to clear the $ 36,000 and $ 36,500 resistance levels.
The price is currently trading nicely above the $ 37,000 level and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $ 34,300 on the hourly chart of the BTC / USD pair.
The pair could continue to rise towards the $ 38,800 and $ 39,200 resistance levels.
Bitcoin price increased by 10%
After building a support base of over $ 32,000, Bitcoin price started a new surge. BTC crossed the $ 34,000 and $ 35,000 resistance levels to move into the positive zone.
The bulls strengthened when there was a break above a key bearish trend line with resistance near $ 34,300 on the hourly chart of BTC / USD. The pair consolidated above the trend line before breaking above the $ 36,000 resistance level.
There was a strong bullish surge and the price managed to clear the $ 37,000 level. The price traded as high as $ 38,223 and well above the 100 hourly simple moving average.
Bitcoin price is clearly showing positive signs and it looks like it may continue to rise towards the $ 38,800 resistance level. The next key resistance is $ 39,200, above which the price could retest $ 40,000.
Technical indicators
Hourly MACD – The MACD is slowly gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 60 level.
Support Levels – $ 36,250 followed by $ 36,000.
Resistance Levels – $ 38,250, $ 38,800 and $ 39,200.
