- Bitcoin price started a consolidation phase below the $36,000 zone against the US Dollar.
- The price is now trading above $34,500 and the 55 simple moving average (4 hours).
- There is a key rising channel forming with support near $34,600 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could continue to rise if it stays above the $33,750 support zone.
Bitcoin price is showing positive signs above $34,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $33,750 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $34,000 resistance zone. The price remained stable above the $34,500 level and traded in a positive zone.
There was a clear move above the $35,000 level and the 55 simple moving average (4 hours). A high was formed near $35,963 and the price is now consolidating gains. There were range moves below the $36,000 resistance in the past few days.
The price traded below $35,500 but it is still well above the 23.6% Fib retracement level of the upward move from the $26,521 swing low to the $35,963 high.
The price is now trading above $34,500 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $35,650 level. The first major resistance is near the $36,000 level, above which the price could start a decent increase toward the $37,500 zone.
Any more gains might send the price toward the $38,000 zone. If there is no upside break, the price might start a downside correction below $34,500. There is also a key rising channel forming with support near $34,600 on the 4-hour chart of the BTC/USD pair.
The first key support is $33,750. The next key support is near the $31,250 level or the 50% key rising channel forming with support near $34,600 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $30,200 support zone.
Looking at the chart, Bitcoin price is trading above $34,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $33,750 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $34,600 and $33,750.
Key Resistance Levels – $35,650, $36,000, and $38,000.
