Bitcoin price started another rally and broke the $35,500 resistance against the US Dollar. BTC traded to a new all-time high near $37,400 before starting a consolidation.
- Bitcoin is up over 10% and it broke the $35,500 and $36,500 resistance levels.
- The price traded to a new all-time high close to $37,400 it is still well above the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $35,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards $38,500 and $39,800 if the current trend remains intact.
Bitcoin Price Rallies 10%
After a minor decline, bitcoin price regained strength above the $34,000 level. BTC started another strong increase and it broke many hurdles near the $35,500 and $36,500 resistance levels.
The price even spiked above the $37,000 level and settled well above the 100 hourly simple moving average. It traded to a new all-time high close to $37,400 and it is currently consolidating gains. An initial support on the downside is near the $36,650 level.
Source:The trend line is close to the 50% Fib retracement level of the recent surge from the $34,378 swing low to $37,394 high. On the upside, the $37,250 and $37,400 levels are initial hurdles for the bulls.
A clear break above the $37,400 level will most likely open the doors for a larger increase. In the stated case, the price could even jump towards the $38,500 and $39,800 levels in the coming sessions.
