Bitcoin price rallied further above the $37,200 resistance zone. BTC is now consolidating and might aim for more upsides above the $37,600 resistance zone.
- Bitcoin started a strong increase above the $37,200 resistance zone.
- The price is trading above $36,200 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is consolidating gains and might continue to rise toward $38,000.
Bitcoin Price Remains Strong
Bitcoin price started a fresh increase above the $36,500 resistance zone. BTC gained pace for a clear move above the $37,200 resistance zone and rallied over 5%.
A new multi-week high was formed near $37,971 before there was a downside correction. There was a move below the $37,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high.Bitcoin is now trading above $36,200 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair.
The pair is also holding the 61.8% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high. It is now consolidating near the $36,750 level and is now attempting a fresh increase. On the upside, immediate resistance is near the $37,000 level.
