Bitcoin price started a downside correction from the $ 38,000 resistance against the US dollar. BTC holds the $ 36,000 support and could rise again in the near term.

 

 

Bitcoin extended its rise and even cleared the $ 38,000 resistance.

The price is still trading above $ 36,375 and the 100 hourly simple moving average.

The hourly chart of the BTC / USD exchange includes a large contract triangle with support of $ 37,350 and close to $ 36,000

The pair is likely to break the triangle resistance at $ 37,500 to start a new uptrend.

Key resistance for Bitcoin

After trading above the $ 38,500 level, Bitcoin price started a downside correction. BTC failed to stay above the $ 38,000 level and even broke the $ 37,500 support level.

The price even broke the $ 37,000 level, but the bulls were active above the $ 36,000 level. A low was formed around $ 36,220 and the price is currently consolidating in a range.

Bitcoin is still trading above $ 36,375 and the 100 hourly simple moving average. Also, there is a large contract triangle formed with support near $ 37,350 and near $ 36,000 on the hourly chart of the BTC / USD pair.

If Bitcoin fails to cross the $ 37,500 resistance and the triangle upper trend line, it may continue to move down. Initial key support is near the triangle bottom trend line at $ 36,350.

The next key support is near the $ 36,000 level, where the price could test the 100 hourly SMA. Further losses could drive the price towards the $ 35,000 support in the near term.

See Also
Bitcoin usage on the rise in Venezuela and Argentina

 

Technical indicators

Hourly MACD – The MACD is gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is currently just below the 50 level.

Major Support Levels – $ 36,350 followed by $ 36,000.

Major Resistance Levels – $ 37,500, $ 38,000 and $ 38,800.

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