The price of bitcoin is consolidating its gains beneath the $37,000 mark. In the event that BTC closes over $36,800 and $37,000, positive momentum may build. Gains are being held by Bitcoin over the $36,000 support level.
The 100 hourly Simple moving average and $37,000 are both being traded below by the price.
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On the hourly chart of the BTC/USD pair, a significant negative trend line is forming, with resistance located around $36,600 (data feed from Kraken). The two could try again to get beyond $37,000 in strength.
Bitcoin Price Stalls Above $37K: Limited Dips Expected,Bitcoin Price Stalls Above $37K: Limited Dips Expected
Bitcoin Price Retains Crucial Support
The price of bitcoin attempted once more to break through the $37,500 barrier. BTC was unable to go higher in the direction of the $38,000 barrier, though. Following the formation of a high of $37,423, the price began to decline.
A move was made below the pivot level of $37,000. The price continued to rise beyond $36,000 then fell below $36,500. The price has created a bottom at $36,183, and it is currently climbing. Above the $36,450 mark, there was movement. The current slide from the $37,423 swing high to the $36,183 low is being retraced by a 23.6% Fib level, which the price is trading above.
Right present, the price of bitcoin is below both the $37,000 mark and the 100 hourly Simple Moving Average. Additionally, a significant negative trend line is emerging on the hourly chart of the Bitcoin/USD pair, with resistance located around $36,600.
Immediate barrier on the upside is close to the $36,600 mark. The 50% Fib retracement level of the current slide from the $37,423 swing high to the $36,183 low, or about $36,800, might be the next significant resistance level. The price may go higher if it breaks through the first significant resistance level, which is at $37,000.
It could challenge the $37,500 limit in the given scenario. If Bitcoin climbs any more, it may go above $38,000, above which bullish momentum might build and a surge towards $40,000.
One More Drop in Bitcoin?
Bitcoin may keep falling if it is unable to break over the $36,800 barrier level. Substantial downside support is located close to the $36,180 mark.
About $36,000 is the next significant support. There might be additional losses if the price drops below $36,000. In the given scenario, a short-term price decline towards the pivotal support of $35,500 is possible.
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Technical signs:
- Hourly MACD: At this point, the MACD is moving faster in the bullish zone.
- Relative Strength Index (RSI) hourly: At this point, the BTC/USD RSI is below the 50 threshold.
- Levels of Major Support: $36,180, then $36,000.
- Three key levels of resistance are $36,600, $36,800, and $37,000.
Bitcoin Price Stalls Above $37K: Limited Dips Expected,Bitcoin Price Stalls Above $37K: Limited Dips Expected,Bitcoin Price Stalls Above $37K: Limited Dips Expected , Bitcoin Crypto news, Bitcoin News