Bitcoin price started a fresh increase from the $32,250 support zone against the US Dollar. According to famous analyst Aayush Jindal, who has made successful predictions, Bitcoin price must break above the $35,000 resistance to move into the bullish zone.
- Bitcoin price started a fresh increase above the $33,500 and $34,000 resistance levels.
- Price is currently trading above the $34,000 support and 100 hourly simple moves above the average.
- There is a major uptrend line forming with support near $34,000 on the saadollarsik chart of BTC/USD (data feed from Kraken).
- The pair may continue to rise above the $35,000 resistance as long as it stays above $33,500.
Bitcoin price started a new increase! Here’s what happened…
Cryptocoin. com Bitcoin price formed a good support base above the $32,000 zone and started a fresh increase. BTC broke the $33,500 resistance zone and the 100 hour simple movement average. It even surpassed the $34,000 resistance to move into the positive zone. However, bitcoin price is still struggling to surpass the key $35,000 resistance zone.
34. A high was formed near $600 and the price is now correcting gains. BTC traded below the $34,200 level. There was also a break below the 23.6% Fib retracement level of the upward move from the $32,988 high to $34.609 high. On the downside, an initial support is seen near the $34,000 level.
Here are the levels that Bitcoin price can see
There is also a major bullish trend line forming with support near $34,000 on the saadollarsik chart of the BTC/USD pair. The next support is near the $33,800 level. This level is close to the 50% Fib retracement level of the upward move from the $32,988 high to $34.609 high. The main support is currently forming near the $33,500 zone and the 100 hourdollarsic SMA. More losses could push the price back into negative territory.
Bitcoin price could continue to rise if it holds steady above the $33,500 support zone. A sudden resistance on the upside is near the $34,500 level. The first major resistance is around $35,000. If there is a close above the $35,000 resistance area, the price could rally towards the $36,500 resistance. The next major hurdle is near the $38,000 region.
Technical indicators Current view of Bitcoin price
Saadollarsik MACD:The MACD for BTC/USD is now losing momentum in the bullish zone.
Saadollarsik RSI (Relative Strength Index):The RSI for BTC/USD is currently well above the 50 level.
Main Support Levels:34. 000 dollars, then 33,500 dollars.
Main Resistance Levels:34. $500, $35,000 and $36,500.