Will the price of Bitcoin continue to rise? These factors could lead to fresh surge
by Harold Vazquez November 21, 2023 in Cryptocurrency
Will the price of Bitcoin continue to rise? These factors could lead to fresh surge
Bitcoin price is showing positive signs above the $37,000 resistance zone. It appears that BTC is considering breaking the $38,000 resistance zone.
Bitcoin started fresh growth and climbed above the $37,000 zone.
The price is trading above $37,000 and the 100-hour simple moving average.
There is a key bullish trend line forming with support near $36,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Once the pair overcomes the $37,800 and $38,000 levels, it may gain momentum.
Bitcoin price continues to rise
The price of Bitcoin remained stable and started a new rise above the $36,000 level. BTC climbed above the $37,000 level to move into positive territory and avoid further downside.
The upward momentum was such that the price even crossed the $37,350 level. A high was formed near $37,777 and the price is now consolidating gains. It is trading near the 23.6% Fibonacci retracement level of the upward move from low $36,715 to high $37,777.
Bitcoin is now trading above $37,000 and the 100-hour simple moving average. There is also a key bullish trend line forming with support near $36,950 on the hourly charts of the BTC/USD pair.
On the positive side, immediate resistance lies near the $37,800 level. The main resistance is still near the $38,000 level. A close above the $38,000 resistance could trigger another strong rise.
ALSO READ:
Advertisement Learn More About NFTs
Digital asset exchanges, NFT companies launch new products; Banks announce crypto initiatives; NY DFS publishes crypto guidance; Hackers stole more than $127 million. JD Supra
Source: BTCUSD on tradingview.com
The next major resistance could be near $38,800. A clear move above the $38,800 resistance level could push the price higher towards $39,200 levels. In the mentioned case, it may even test the $40,000 level. Any further gains could take BTC to the $41,200 level.
Another downside correction in BTC?
If Bitcoin fails to rise above the $37,800 resistance zone, it could start a downside correction. Immediate support on the downside is near the $37,120 level or the 61.8% Fibonacci retracement level of the upward move from the low of $36,715 to the high of $37,777.
The next major support is $37,000 and the trend line. If there is a move below $37,000, there is a risk of further downside. In the mentioned case, the price may fall to the support level of $36,780 in the near term. The next major support or target could be $36,200.
Technical Indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $37,120, followed by $37,000.
Key resistance levels – $37,800, $38,000, and $38,800.
source: www.newsbtc.com
