Sunday, June 20

Bitcoin (BTC) Price Analysis: Rebound Strongly, What Are The Key Levels?

Bitcoin price started a strong increase above the $35,000 resistance against the US Dollar. BTC is currently showing many positive signs and it may even rise above $38,000. According to technical analysis by NewsBTC’s Aayush Jindal:

  • Bitcoin started a steady rise above the $35,000 and $36,000 resistance levels.
  • The price is now above $36,000 and the 100 hourly simple moving average.
  • There was a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair (data from Kraken).
  • The pair could accelerate further if it clears the $38,000 resistance zone in the near term.

Bitcoin (BTC) Price Turns Green

Contact us to be instantly informed about the last minute developments. Twitter and Telegram You can follow our channel.

Bitcoin found strong buying interest near the $31,000 zone and started a steady increase. BTC cleared several key hurdles near $35,000 to move into positive territory.

There was a break above a major bearish trend line with resistance near $35,000 on the hourly chart of the BTC/USD pair. The pair even settled above the $36,000 resistance and the 100 hourly simple moving average.

Bitcoin climbed above the $37,000 level and surged as high as $37,484. An immediate support is near the $36,500 level. The first significant support is near the $36,000 zone. It is close to the 23.6% Fib retracement level of the upward move from the $31,050 low to $37,484 high.

bitcoin btc price analysis has recovered strongly what are the important levels 1

The next major support is near the $35,000 level and the 100 hourly simple moving average. The 50% Fib retracement level of the rise from the $31,050 high to $37,484 high is the next support near the $34,250 level.

On the upside, the first major resistance is near the $37,500 level. The main resistance is near the $38,000 zone, above which the price could rally towards the $40,000 level in the near term.

Will Bitcoin (BTC) Drop?

If bitcoin fails to break the $38,000 resistance, it could start a downside correction. An initial support on the downside is near the $36,500 level.

The first major support is near the $36,000 level. The main support is currently forming near the $35,000 level and the 100 hourly SMA. If the price does not stay above $35,000, it could drop to $32,000.

Technical Indicators

  • Hourly MACD – The MACD is now gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 50 level.
  • Major Support Levels – $36,000 then $35,000
  • Major Resistance Levels – $37,500, $38,000, and $40,000

Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %