2023-11-6 06:16 |
Bitcoin price is facing a major hurdle near $35,250. BTC could rally toward $37,000 once it clears the $35,250 and $35,500 resistance levels.
Bitcoin is aiming for a fresh move above the $36,000 resistance zone. The price is trading near $34,850 and the 100 hourly Simple moving average. There is a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must stay above the $34,150 support to start a fresh increase in the near term. Bitcoin Price Eyes More GainsBitcoin price remained well-bid above the $34,000 support zone. BTC climbed higher above the $34,500 and $34,650 resistance levels to start another increase.
There was a move above the 50% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. However, the bears were active above the $35,200 level. The price seems to be facing a major hurdle near the $35,250 level.
Bitcoin is struggling to clear the 61.8% Fib retracement level of the downward move from the $35,945 swing high to the $34,133 swing low. It is now trading near $34,850 and the 100 hourly Simple moving average.
There is also a key contracting triangle forming with support near $34,320 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $35,050 level. The next key resistance could be near $35,250 or the triangle upper trend line.
Source: BTCUSD on TradingView.com
A clear move above the $35,250 resistance might open the doors for a move toward the $35,500 resistance. The next key resistance could be $36,000, above which the price could rise toward $37,000. Any more gains might send BTC toward the $37,500 level.
Downside Continuation In BTC?If Bitcoin fails to rise above the $35,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $34,500 low.
The next major support is near the $34,150 zone. If there is a move below $34,150, there is a risk of more downsides. In the stated case, the price could even decline below the $34,000 support level in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $34,500, followed by $34,150.
Major Resistance Levels – $35,050, $35,250, and $35,500.
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