Bitcoin found support near $35,550 and started a fresh increase against the US Dollar. BTC must clear $38,000 for additional upsides in the near term.
- Bitcoin corrected lower but the bulls were active near the $35,550 zone.
- The price is now trading above $37,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a steady increase if there is a clear move above the $38,000 resistance.
Bitcoin Price Finds Support
Bitcoin price started a downside correction from the $38,500 resistance zone. BTC declined below the $36,500 level and the 100 hourly simple moving average.
However, the bulls were active near the $35,550 zone. A low was formed near $35,550 and the price started a fresh increase. There was a clear move above the $36,200 and $36,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $36,500 on the hourly chart of the BTC/USD pair.The pair is now trading above $37,000 and the 100 hourly simple moving average. It is testing the $37,200 resistance zone. It is near the 50% Fib retracement level of the recent decline from the $38,899 swing high to $35,550 low.
On the upside, an initial resistance is near the $37,250 level. The first major resistance is near the $37,650 zone. It is near the 61.8% Fib retracement level of the recent decline from the $38,899 swing high to $35,550 low.
Source:The main resistance is still near the $38,000 zone. An upside break above the $38,000 resistance could start a steady upward move. The next key resistance is near the $38,500 level, above which the bulls might gain strength.
