Bitcoin Revisits $34K, Why BTC Could Surge To New ATH Above $35K

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining


Bitcoin price started a fresh increase above the $33,200 resistance against the US Dollar. BTC is likely eyeing more upsides above the $34,500 and $35,000 resistance levels.

  • Bitcoin is up over 5% and it broke the $33,200 and $33,500 resistance levels.
  • The price is trading nicely near $34,000 and it is well above the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $32,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to accelerate higher above the $34,500 and $35,000 resistance levels.

Bitcoin Price is Gaining Momentum

Yesterday, we discussed the chances of a fresh increase in bitcoin price above $33,200 and $33,500. BTC did gain bullish momentum and it was able to clear the $33,200 and $33,500 resistance levels.

There was also a break above a major bearish trend line with resistance near $32,400 on the hourly chart of the BTC/USD pair. The pair gained pace and it even broke the $34,000 resistance zone. It tested the $34,500 resistance and settled above the 100 hourly simple moving average.

A high is formed near $34,536 and the price is currently consolidating gains. It tested the $33,800 support zone, and the 23.6% Fib retracement level of the recent wave from the $31,196 swing low to $34,536 high.

Source: BTCUSD on TradingView.com

If there are more downsides, the price could test the $32,800 support. It is close to the 50% Fib retracement level of the recent wave from the $31,196 swing low to $34,536 high. On the upside, the price is facing hurdles near the $34,500 level.

A clear break and close above the $34,500 level may possibly open the doors for a surge above the $35,000 level. In the stated case, the next major stop for the bulls could be near $36,500 or $37,200.

Dips Supported in BTC?

If bitcoin fails to clear the $34,500 and $35,000 levels, it could start a fresh downward move. An initial support on the downside is near the $33,000 and $32,800 levels.

The main support is now forming near the $32,400 level and the 100 hourly simple moving average. A close below the 100 hourly SMA could start a fresh decline towards the $30,000 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 55 level.

Major Support Levels – $33,800, followed by $32,800.

Major Resistance Levels – $34,500, $35,000 and $36,500.

Free Bitcoins: FreeBitcoin | BonusBitcoin

Coins Kaufen: Bitcoin.deAnycoinDirektCoinbaseCoinMama (mit Kreditkarte)Paxfull

Handelsplätze / Börsen: Bitcoin.de | KuCoinBinanceBitMexBitpandaeToro

Lending / Zinsen erhalten: Celsius NetworkCoinlend (Bot)

Cloud Mining: HashflareGenesis MiningIQ Mining

By continuing to use the site, you agree to the use of cookies. more information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close