Bitcoin price consolidating above $34,500 and $34,000. BTC could start a fresh rally if it manages to clear the $35,350 resistance zone.
- Bitcoin is still struggling to gain pace for a move above $35,250 and $35,350.
- The price is trading near $34,850 and the 100 hourly Simple moving average.
- There is a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if there is a clear move above the $35,350 resistance.
Bitcoin Price Stuck In Range
Bitcoin price remained in a range above the $34,000 support zone. BTC attempted a fresh increase above the $35,000 resistance zone. However, the bears remained active near $35,250 and $35,350.
The bulls made a few attempts to clear the $35,250 resistance but failed. A high was formed near $35,382 before the price started a downside correction. There was a move below the $35,000 level. The price even spiked below the 50% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.Bitcoin is now trading near $34,850 and the 100 hourly Simple moving average. There is also a major contracting triangle forming with support near $34,250 on the hourly chart of the BTC/USD pair. The triangle support is near the 76.4% Fib retracement level of the upward move from the $34,133 swing low to the $35,382 high.
On the upside, immediate resistance is near the $35,000 level. The next key resistance could be near $35,050 or the triangle upper trend line. A clear move above the $35,050 resistance might open the doors for a move toward the $35,250 resistance.
