Bitcoin Regains Momentum, What Could Spark Additional Upsides

Bitcoin discovered assistance near $35,550 and began a fresh boost versus the United States Dollar. BTC should clear $38,000 for extra benefits in the near term.

• Bitcoin remedied lower however the bulls were active near the $35,550 zone.
• The rate is now trading above $37,000 and the 100 per hour basic moving average.
• There was a break above a significant bearish pattern line with resistance near $36,500 on the per hour chart of the BTC/USD set (information feed from Kraken).
• The set might begin a consistent boost if there is a clear relocation above the $38,000 resistance.

Bitcoin Rate Discovers Assistance

Bitcoin rate began a drawback correction from the $38,500 resistance zone. BTC decreased listed below the $36,500 level and the 100 per hour basic moving average.

Nevertheless, the bulls were active near the $35,550 zone. A low was formed near $35,550 and the rate began a fresh boost. There was a clear relocation above the $36,200 and $36,500 resistance levels. Besides, there was a break above a significant bearish pattern line with resistance near $36,500 on the per hour chart of the BTC/USD set.

The set is now trading above $37,000 and the 100 per hour basic moving average. It is checking the $37,200 resistance zone. It is near the 50% Fib retracement level of the current decrease from the $38,899 swing high to $35,550 low.

On the benefit, a preliminary resistance is near the $37,250 level. The very first significant resistance is near the $37,650 zone. It is near the 61.8% Fib retracement level of the current decrease from the $38,899 swing high to $35,550 low.

Source: BTCUSD on TradingView.com

The primary resistance is still near the $38,000 zone. An advantage break above the $38,000 resistance might begin a consistent upward relocation. The next essential resistance is near the $38,500 level, above which the bulls may get strength.

More Losses in BTC?

If bitcoin stops working to begin a fresh boost above $38,000, it might begin another decrease. An instant assistance on the disadvantage is near the $36,500 zone.

The very first significant assistance is seen near the $35,550 zone. A drawback break listed below the $35,550 assistance zone might possibly press the rate towards the $34,000 assistance zone.

Technical signs:

Per Hour MACD – The MACD is now acquiring rate in the bullish zone.

Per Hour RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Significant Assistance Levels – $36,500, followed by $35,550.

Significant Resistance Levels – $37,650, $38,000 and $38,500.