Bitcoin Price Lacks Momentum Above $37K, But Dips Likely To Be Limited

Bitcoin value is consolidating features beneath the $37,000 zone. BTC might achieve bullish momentum if there’s a shut above the $36,800 and $37,000 ranges.

• Bitcoin is holding features above the $36,000 assist zone.
• The value is buying and selling beneath $37,000 and the 100 hourly Simple shifting common.
• There is a key bearish pattern line forming with resistance close to $36,600 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might make one other try to achieve power above $37,000.

Bitcoin Price Holds Key Support

Bitcoin value made one other try and clear the $37,500 resistance. However, BTC didn’t proceed greater towards the $38,000 resistance. A excessive was shaped close to $37,423 and the worth began a draw back correction.

There was a transfer beneath the $37,000 pivot stage. The value declined beneath the $36,500 stage however stayed above $36,000. A low is shaped close to $36,183 and the worth is now rising. There was a transfer above the $36,450 stage. The value is buying and selling above the 23.6% Fib retracement stage of the current decline from the $37,423 swing excessive to the $36,183 low.

Bitcoin is now buying and selling beneath $37,000 and the 100 hourly Simple moving average. There can be a key bearish pattern line forming with resistance close to $36,600 on the hourly chart of the BTC/USD pair.

On the upside, rapid resistance is close to the $36,600 stage. The subsequent key resistance might be close to $36,800 or the 50% Fib retracement stage of the current decline from the $37,423 swing excessive to the $36,183 low. The first main resistance is close to $37,000, above which the worth would possibly speed up additional greater.

Source: BTCUSD on TradingView.com

In the said case, it might check the $37,500 stage. Any extra features would possibly ship BTC towards the $38,000 stage, above which the worth might achieve bullish momentum and rally towards $40,000.

Another Decline In BTC?

If Bitcoin fails to rise above the $36,800 resistance zone, it might proceed to maneuver down. Immediate assist on the draw back is close to the $36,180 stage.

The subsequent main assist is close to $36,000. If there’s a transfer beneath $36,000, there’s a threat of extra downsides. In the said case, the worth might drop towards the important thing assist at $35,500 within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now beneath the 50 stage.

Major Support Levels – $36,180, adopted by $36,000.

Major Resistance Levels – $36,600, $36,800, and $37,000.