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Bitcoin Price Analysis: BTC Could Extend Recovery Above $36.6K

Summary:
Bitcoin price started a fresh increase from the ,000 support zone against the US Dollar. The price is now trading above the ,000 zone and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair is correcting gains, but it is likely to remain stable above ,000 and ,000 in the near term. Bitcoin price is recovering higher above ,000 against the US Dollar. BTC must surpass ,500 and ,000 for more upsides in the near term. Bitcoin Price Analysis Bitcoin price remained well bid above the ,000 and ,000 levels. BTC started a fresh increase above the ,000 zone to move into a positive zone. There was a clear

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  • Bitcoin price started a fresh increase from the $30,000 support zone against the US Dollar.
  • The price is now trading above the $35,000 zone and the 55 simple moving average (4-hours).
  • There was a break above a major bearish trend line with resistance near $35,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is correcting gains, but it is likely to remain stable above $35,000 and $34,000 in the near term.

Bitcoin price is recovering higher above $35,000 against the US Dollar. BTC must surpass $36,500 and $37,000 for more upsides in the near term.

Bitcoin Price Analysis

Bitcoin price remained well bid above the $30,000 and $32,000 levels. BTC started a fresh increase above the $34,000 zone to move into a positive zone.

There was a clear break above the 50% Fib retracement level of the main decline from the $41,400 swing high to $28,850 swing low. There was also a break above a major bearish trend line with resistance near $35,000 on the 4-hours chart of the BTC/USD pair.

The pair now trading above the $35,000 zone and the 55 simple moving average (4-hours). It tested the 61.8% Fib retracement level of the main decline from the $41,400 swing high to $28,850 swing low.

It is now correcting gains and it is trading below $36,000. An initial support is near the broken trend line and $35,100. The main support is now forming near $34,000, below which there is a risk of a sharp decline in the coming sessions.

The 55 simple moving average (4-hours) is also near the $34,000 zone to act as a strong support. On the upside, an initial resistance is near the $36,600 level. The next major resistance is near the $37,000 zone.

A clear upside break above $37,000 could lead the price towards the $38,000 zone. Any more gains could set the pace for a test of the all-important barrier near the $40,000 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading well above $35,000 and the 55 simple moving average (4-hours). Overall, the price is correcting gains, but it is likely to remain stable above $35,000 and $34,000 in the near term.

Technical indicators

4 hours MACD – The MACD is slowly gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $35,000 and $34,000.

Key Resistance Levels – $36,500, $37,000 and $38,000.

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