Bitcoin price started a fresh rise above the $ 32,500 and $ 33,500 resistance levels against the US Dollar. BTC is showing positive signs, but $ 34,500 and $ 35,000 are still showing great resistance.
Bitcoin surged over 10% and broke the $ 34,000 resistance level.
The price is currently trading well above the $ 33,200 pivot level and the 100 hourly simple moving average.
The hourly chart of the BTC / USD pair features a major bullish trend line formed with support near $ 33,200.
The pair may correct lower. However, it is likely to find offers around $ 33,200 or $ 32,800.
Bitcoin price increased by over 10%
After building a support base of over $ 32,000, the bitcoin price started to rise strongly. BTC broke the $ 32,500 and $ 33,200 resistance levels to move into the short-term positive zone.
During the rise, there was a break above a key bearish trend line with resistance near $ 31,550 on the hourly chart of the BTC / USD pair. The increase was such that the pair surpassed even the $ 34,000 resistance and moved above the 100 hourly simple moving average.
There is also a large bullish trend line formed with support near $ 33,200 on the same chart. On the upside, the price is facing many strong hurdles around $ 34,500 and $ 35,000.
To move into a positive zone for a bigger rally, Bitcoin must break the $ 34,500 resistance and then move above the key $ 35,000 barrier in the near term.
If Bitcoin fails to clear the $ 34,500 resistance or $ 35,000, it could start a new decline. Initial support is near the $ 33,200 trend line.
Hourly MACD – The MACD is slowly slowing in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 60 level.
Support Levels: $ 33,200 followed by $ 32,000.
Major Resistance Levels: $ 34,500, $ 34,800 and $ 35,000.