Bitcoin price is struggling to gain momentum above $ 37,500 and $ 37,800 against the US Dollar. BTC could drop again if it breaks the $ 36,000 support zone.
Bitcoin is facing strong resistance near the $ 37,800 and $ 38,000 resistance levels.
The price is currently trading just above the $ 36,500 support and the 100 hourly simple moving average.
There is an important contract triangle formed with support near $ 36,100 on the hourly chart of the BTC / USD pair.
The pair must clear the $ 38,000 resistance to start a new high in the near term.
Significant barriers to bitcoin price
After a reasonable close above $ 35,000, Bitcoin price started a new bullish move. BTC broke the $ 35,500 and $ 36,000 resistance levels to move into a short-term bullish zone.
The price even broke above the $ 37,000 level and was above the 100 hourly simple moving average.
However, the price is still facing strong resistance near the $ 37,800 and $ 38,000 resistance levels. A high was formed around $ 37,294 and the price is currently correcting at a lower level.
There was a break below the $ 36,800 level. The first downside support is near the $ 36,500 level and the 100 hourly simple moving average.
There is also a key contract triangle formed with support near $ 36,100 on the hourly chart of the BTC / USD pair.
If there is a bearish break below the triangle support, the Bitcoin price could continue to fall. The next major support is located near the $ 34,800 level where the bulls are likely to take a stand.
If Bitcoin remains above the $ 36,500 and $ 36,100 support levels, it could make another attempt to clear the $ 37,500 and $ 37,800 resistance levels.
The main resistance is still near the $ 38,000 zone. For the price to start to fluctuate strongly in the coming sessions, there must be a close above the $ 38,000 zone.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently well above the 50 level.
Support Levels – $ 36,500 followed by $ 36,100.
Resistance Levels – $ 37,250, $ 37,800 and $ 38,000.