TA: Bitcoin Regains Momentum, What Could Spark Additional Upsides
January 27 2022 - 9:28PM
NEWSBTC
Bitcoin found support near $35,550 and started a fresh increase
against the US Dollar. BTC must clear $38,000 for additional
upsides in the near term. Bitcoin corrected lower but the bulls
were active near the $35,550 zone. The price is now trading above
$37,000 and the 100 hourly simple moving average. There was a break
above a major bearish trend line with resistance near $36,500 on
the hourly chart of the BTC/USD pair (data feed from Kraken). The
pair could start a steady increase if there is a clear move above
the $38,000 resistance. Bitcoin Price Finds Support Bitcoin price
started a downside correction from the $38,500 resistance zone. BTC
declined below the $36,500 level and the 100 hourly simple moving
average. However, the bulls were active near the $35,550 zone. A
low was formed near $35,550 and the price started a fresh increase.
There was a clear move above the $36,200 and $36,500 resistance
levels. Besides, there was a break above a major bearish trend line
with resistance near $36,500 on the hourly chart of the BTC/USD
pair. The pair is now trading above $37,000 and the 100 hourly
simple moving average. It is testing the $37,200 resistance zone.
It is near the 50% Fib retracement level of the recent decline from
the $38,899 swing high to $35,550 low. On the upside, an initial
resistance is near the $37,250 level. The first major resistance is
near the $37,650 zone. It is near the 61.8% Fib retracement level
of the recent decline from the $38,899 swing high to $35,550 low.
Source: BTCUSD on TradingView.com The main resistance is still near
the $38,000 zone. An upside break above the $38,000 resistance
could start a steady upward move. The next key resistance is near
the $38,500 level, above which the bulls might gain strength. More
Losses in BTC? If bitcoin fails to start a fresh increase above
$38,000, it could start another decline. An immediate support on
the downside is near the $36,500 zone. The first major support is
seen near the $35,550 zone. A downside break below the $35,550
support zone may perhaps push the price towards the $34,000 support
zone. 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 $35,550. Major Resistance Levels – $37,650,
$38,000 and $38,500.
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