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Bitcoin value rallied additional above the $37,200 resistance zone. BTC is now consolidating and may purpose for extra upsides above the $37,600 resistance zone.

• Bitcoin began a powerful improve above the $37,200 resistance zone.
• The value is buying and selling above $36,200 and the 100 hourly Simple shifting common.
• There is a significant bullish development line forming with help close to $36,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair is consolidating positive aspects and may proceed to rise towards $38,000.

Bitcoin Price Remains Strong

Bitcoin value began a contemporary improve above the $36,500 resistance zone. BTC gained tempo for a transparent transfer above the $37,200 resistance zone and rallied over 5%.

A new multi-week excessive was shaped close to $37,971 earlier than there was a draw back correction. There was a transfer under the $37,000 stage. The value spiked under the 50% Fib retracement stage of the upward transfer from the $35,100 swing low to the $37,971 excessive.

Bitcoin is now buying and selling above $36,200 and the 100 hourly Simple moving average. There can be a significant bullish development line forming with help close to $36,200 on the hourly chart of the BTC/USD pair.

The pair can be holding the 61.8% Fib retracement stage of the upward transfer from the $35,100 swing low to the $37,971 excessive. It is now consolidating close to the $36,750 stage and is now making an attempt a contemporary improve. On the upside, instant resistance is close to the $37,000 stage.

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be close to $37,300, above which the value may speed up additional greater. In the said case, it may take a look at the $37,800 stage. Any extra positive aspects may ship BTC towards the $38,000 stage.

Buy Dips In BTC?

If Bitcoin fails to rise above the $37,000 resistance zone, it may begin a draw back correction. Immediate help on the draw back is close to the $36,500 stage.

The subsequent main help is close to the $36,200 zone or the development line. If there’s a transfer under $36,200, there’s a threat of extra downsides. In the said case, the value may drop towards the important thing help 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 above the 50 stage.

Major Support Levels – $36,500, adopted by $36,200.

Major Resistance Levels – $37,000, $37,300, and $38,000.