NÍIB ÓOLAL: Bitcoin Lacks Momentum Above $36K, Why BTC Could Correct Lower

Bitcoin price extended its recovery above the $36,000 zone against the US Dollar. BTC topped near $36,700 and it is now correcting gains.

  • Bitcoin started a fresh increase above the $35,000 y $36,000 resistance levels.
  • The price is now trading nicely above $35,000 yéetel le 100 media móvil simple tumen p'isib.
  • There is a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a downside correction below $35,700 y $35,500 in the near term.

Bitcoin Price is Correcting Gains

Bitcoin started a steady increase after it settle above the $34,000 nivel. BTC broke the key $35,000 barrier and the 100 hourly simple moving average to move further into a positive zone.

The price even spiked above the $36,500 resistance. It traded as high as $36,698 and it is now correcting gains. There was a break below the $36,500 y $36,000 Niveles. It even traded below the 23.6% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high.

Bitcoin is still trading nicely above $35,000 yéetel le 100 media móvil simple tumen p'isib. There is also a major bullish trend line forming with support near $35,700 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Fuente: BTCUSD on TradingView.com

If the pair fails to stay above the trend line support, it could start a downside correction below $35,500. The next key support is near the $35,200 nivel. Náats' ti' le 50% Fib retracement level of the upward move from the $33,939 swing low to $36,698 high. Any more losses might call for an extended decline towards the $34,000 support zone in the coming sessions.

Fresh Increase in BTC?

If bitcoin remains stable above the trend line support, it could rise further above the $36,000 resistance. Juntúul resistencia inmediata ti' le alza táan naats' le $36,500 nivel.

The next key resistance is near $36,700, above which the bulls are likely to aim a fresh high above $37,000. Any more gain could lift the price towards the $38,000 resistance. The next major barrier is near the $40,000 kaajo'ob.

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bullish zone.

RSI tumen p'isib (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 nivel.

Major Support Levels – $35,700, followed by $35,200.

Major Resistance Levels – $36,000, $36,500 y $38,000.

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Fuente: Noticiasbtc

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