Bitcoin price is currently trying to surpass the $38,800 resistance level. In case BTC manages to remain above the $37,400 level, it could have further growth in short-term. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin finally surpassed the $38,000 level.
- Currently, the price is above $37,500 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we see BTC has surpassed a key resistance level at $37,450.
- By surpassing the $38,800 level, Bitcoin price can grow in short-term
Bitcoin Price Action Analysis
To begin with, BTC had a small correction below $38,000 and dipped to $37,000. But soon after, the buyers rose to support BTC at $37,650 and turned it upwards again. The lowest recorded price for BTC is at $36,667 before another attempt for recovery.
Following that, BTC surpassed the $37,500 and the SMA100. Furthermore, we can see on the 1-hour chart that Bitcoin managed to break through a key resistance level at $37,450. Subsequently, the price went above $38,000 and the highest recorded price is at $38,786 and is still trying to surpass $38,800. As of now, BTC is having a price correction and is near the 23.6% Fibonacci retracement level from the latest rise from $36,667 to $38,786.
The first resistance level is at $38,500 followed by the crucial level at $38,800. In case of a successful break through, the next resistance level will be $39,500 which is followed by the $40,000.
On the other hand, if Bitcoin price fails to surpass the $38,800, there will be another correction to follow. In that case, the first support level is expected to be $38,000 followed by $37,750. This level is near the 50% Fibonacci retracement level from the latest rise. Dipping below $37,750 would bring BTC down as low as $37,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a downward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Right now, the $36,250, $36,500 and $38,000 are the crucial resistance levels for BTC.
Support levels: The $34,500 and $34,000 are currently the key support levels for the price.
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