Bitcoin price continues to rise
Bitcoin price remained stable and started a fresh increase above $36,000. BTC climbed above $37,000 to enter a positive zone and avoid more declines.
reason
The increase was so great that the price even broke the $37,350 level. A high was formed near $37,777 and the price is currently consolidating gains. It is trading close to the 23.6% Fib retracement level of the upward move from the $36,715 swing low to $37,777 high.
Bitcoin is currently trading above $37,000 and the 100 hourly simple moving average. There is also a major bullish trend line formed with support near $36,950 on the hourly chart of the BTC/USD pair.
On the upside, an immediate resistance is near the $37,800 level. The main resistance remains near the $38,000 level. A close above the $38,000 resistance could start another strong increase.
The next key resistance could be near the $38,800 level. If there is a clear break above the $38,800 resistance level, the price could rise further towards the $39,200 level. In the mentioned case, it might even test the $40,000 level. If there is further gains, Bitcoin could rise to the $41,200 level.
Another downside correction for Bitcoin?
If bitcoin fails to rise above the $37,800 resistance area, it could start a downside correction. An immediate support on the downside is near the $37,120 level, which is the 61.8% Fibonacci retracement level of the upward move from the $36,715 swing low to $37,777 high.
The next major support is $37,000 and the trend line. If it falls below $37,000, there is a risk of further downside. In the mentioned case, the price might decline towards the $36,780 support in the near term. The next key support or target could be $36,200.
