It even broke the $38,000 resistance and settled nicely above the 100 hourly simple moving average. It seems like the market sentiment improved after Ethereum traded to a new all-time high near $1,700. BTC also traded to a new monthly high at $38,342 and it is currently consolidating gains.
An initial support on the downside is near the $37,650 level. It is close to the 23.6% Fib retracement level recent upward move from the $35,592 swing low to $38,342 high.
There are also two major bullish trend lines forming with support near $37,200 and $36,000 on the hourly chart of the BTC/USD pair. The first trend line is close to the 50% Fib retracement level recent upward move from the $35,592 swing low to $38,342 high.
On the upside, the price is facing hurdles near the $38,100 and $38,200 levels. If there is a clear break above the $38,200 level and the recent higher, the bulls are likely to aim a test of the $40,000 level in the near term.
Dips Supported in BTC?
If bitcoin fails to clear the $38,200 resistance zone, it could correct lower in the short term. The first major support is near the $37,200 level and the trend line.
The next key support is near the $36,700 level (a multi-touch zone). Any more losses could lead the price towards the second bullish trend line at $36,000 in the near term.
Hourly MACD – The MACD is gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level.
Major Support Levels – $37,200, followed by $36,700.
Major Resistance Levels – $38,100, $38,200 and $39,500.