Bitcoin Price Watch: Break Above $3,700 Could Push BTC Higher Bitcoin price is facing a solid resistance near $3,600-3,700 against the US Dollar. BTC must move past the $3,700 pivot zone to accelerate gains towards $4,000. Bitcoin Price Analysis. There was a decent support base formed near the $3,350 level in bitcoin price against the US Dollar. The BTC/USD pair started an upward move and traded above the $3,400 and $3,500 resistance levels. The price even climbed above the 50% Fib retracement level of the last decline from the $3,850 high to $3,207 low. Finally, there was a close above the $3,480 level and the 100 hourly simple moving average. However, the price faced a solid resistance near the $3,600 and $3,620 levels. More importantly, there is a key bearish trend line in place with resistance at $3,590 on the hourly chart of the BTC/USD pair. Besides, the 61.8% Fib retracement level of the last decline from the $3,850 high to $3,207 low is near $3,605. Therefore, a break above the $3,600-3,605 zone could push the price towards the next resistances at $3,650 and $3,700s. A successful close above the $3,700 pivot zone is needed for buyers to gain traction in the near term. On the downside, an initial support is at $3,480 and the 100 hourly SMA. Looking at the chart, bitcoin price could only accelerate towards $4,000 if there is a close above $3,600 and $3,700. If not, the price is likely to decline below $3,500, $3,480 and $3,400. Looking at the technical indicators: Hourly MACD – The MACD for BTC/USD moved back in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI is placed nicely above the 50 level. Major Support Level – $3,400 Major Resistance Level – $3,605 #BTCCryptocurrencyNews​ #BitcoinNews​ #CryptocurrencyNews​ â–º THANKS FOR WATCHING & don\’t forget LIKE, SHARE, COMMENT and SUBSCRIBE our Channel. â–º Subscribe: ​ â–º Like My Page on Facebook:

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