TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle
25 Enero 2022 - 9:28PM
NEWSBTC
Bitcoin started a recovery wave above $36,000 against the US
Dollar. BTC must settle above the $38,000 zone to start a steady
upward move. Bitcoin is trying to clear the $37,500 and $38,000
resistance levels. The price is now trading above $36,500 and the
100 hourly simple moving average. There is a key breakout pattern
forming with resistance near $37,500 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start a steady
upward move if there is a clear move above the $38,000 resistance.
Bitcoin Price Eyes Upside Continuation Bitcoin price managed to
stay above the $35,000 zone and started a recovery wave. BTC
climbed above the $36,000 resistance zone to move into a short-term
bullish zone. There was a break above the $36,500 and $36,800
resistance levels. Besides, there was a move above the 23.6% Fib
retracement level of the key drop from the $43,495 swing high to
$32,950 low. It is now consolidating near the $37,000 level and
trading well above the 100 hourly simple moving average. On the
upside, an initial resistance is near the $37,400 level. There is
also a key breakout pattern forming with resistance near $37,500 on
the hourly chart of the BTC/USD pair. Source: BTCUSD on
TradingView.com The first major resistance is near the $38,200
zone. It is near the 50% Fib retracement level of the key drop from
the $43,495 swing high to $32,950 low. An upside break above the
$38,200 resistance could start a steady upward move. The next key
resistance is near the $49,200 level, above which the bulls might
aim a test of $40,000. Any more gains might send bitcoin towards
the $41,200 level. Fresh Decline in BTC? If bitcoin fails to start
a fresh increase above $38,200, it could start another decline. An
immediate support on the downside is near the $36,800 zone. The
first major support is seen near the $36,000 zone and the 100
hourly SMA. A downside break below the $36,000 support zone may
perhaps start a fresh decline. The next major support is near
$35,400, below which the price could revisit $34,000. Technical
indicators: Hourly MACD – The MACD is now gaining pace in the
bullish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now above the 50 level. Major Support Levels – $36,000,
followed by $35,400. Major Resistance Levels – $37,400, $38,000 and
$38,200.
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