Bitcoin Price Bullish Streak Takes A Break But Bulls Are Not Done Yet

2023-11-10 03:50:38

Bitcoin price rallied further above the $37,200 resistance zone. BTC is now consolidating and might aim for more upsides above the $37,600 resistance zone.

Bitcoin started a strong increase above the $37,200 resistance zone.
The price is trading above $36,200 and the 100 hourly Simple moving average.
There is a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is consolidating gains and might continue to rise toward $38,000.

Bitcoin Price Remains Strong

Bitcoin price started a fresh increase above the $36,500 resistance zone. BTC gained pace for a clear move above the $37,200 resistance zone and rallied over 5%.

A new multi-week high was formed near $37,971 before there was a downside correction. There was a move below the $37,000 level. The price spiked below the 50% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high.

Bitcoin is now trading above $36,200 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $36,200 on the hourly chart of the BTC/USD pair.

The pair is also holding the 61.8% Fib retracement level of the upward move from the $35,100 swing low to the $37,971 high. It is now consolidating near the $36,750 level and is now attempting a fresh increase. On the upside, immediate resistance is near the $37,000 level.

Source: BTCUSD on TradingView.com

The next key resistance could be near $37,300, above which the price might accelerate further higher. In the stated case, it could test the $37,800 level. Any more gains might send BTC toward the $38,000 level.

Buy Dips In BTC?

If Bitcoin fails to rise above the $37,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $36,500 level.

The next major support is near the $36,200 zone or the trend line. If there is a move below $36,200, there is a risk of more downsides. In the stated case, the price could drop toward the key support at $35,500 in the near term.

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 – $36,500, followed by $36,200.

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

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