Bitcoin price made another attempt to clear the $36,000 resistance. BTC struggled again and is now correcting lower toward the $35,200 support.
- Bitcoin again failed to clear the key $36,000 resistance zone.
- The price is trading above $35,000 and the 100 hourly Simple moving average.
- There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is correcting gains and might find support near $35,200 or $35,000.
Bitcoin Price Faces Uphill Task
Bitcoin price remained stable above the $34,000 support zone. BTC attempted a fresh increase above the $35,250 resistance zone. There was a break above a major contracting triangle with resistance near $35,000 on the hourly chart.
It even cleared the $35,500 resistance, but the bears were active near the $36,000 zone. A high was formed near $35,900 and the price is again moving lower. There was a move below the $35,500 level. The price declined below the 23.6% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.Bitcoin is now trading above $35,000 and the 100 hourly Simple moving average. It seems to be approaching the $35,200 support or the 50% Fib retracement level of the upward move from the $34,560 swing low to the $35,900 high.
If it stays above $35,200, there might be a fresh increase. On the upside, immediate resistance is near the $35,560 level. The next key resistance could be near $35,900 or the recent high. The main resistance is still near $36,000. A clear move above the $36,000 resistance might open the doors for a move toward the $37,000 resistance.
