Bitcoin price rose further above the $37,200 resistance area. BTC is now consolidating and may aim for further gains above the $37,600 resistance area.

• Bitcoin started to rise strongly above the $37,200 resistance area.
• The price is trading above $36,200 and the 100 hourly simple moving average.
• There is a major uptrend line forming with support near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is consolidating its gains and may continue to rise towards $38,000.

Bitcoin price remains strong

Bitcoin price has started to rise again above the $36,500 resistance area. BTC gained pace with a clear move above the $37,200 resistance area and rose by more than 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 rose below the 50% Fib retracement level of the upward move from the swing low of $35,100 to the swing high of $37,971.

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

The pair also holds the 61.8% Fibonacci retracement level of the upward move from the low of $35,100 to the high of $37,971. It is now consolidating near the $36,750 level and is now trying to make a new increase. On the upside, immediate resistance is near the $37,000 level.

Source: BTCUSD on TradingView.com

The next major resistance could be near $37,300, above which the price could accelerate higher. In the mentioned case, it could test the $37,800 level. Any further gains could send BTC towards the $38,000 level.

Buying the dips in BTC?

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

The next major support is near the $36,200 area or trend line. If there is a move below $36,200, there is a risk of further downside. In the mentioned case, the price may fall towards the major support level at $35,500 in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining speed in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Key support levels – $36,500, followed by $36,200.

Major resistance levels – $37,000, $37,300, and $38,000.