In the constantly fluctuating world of cryptocurrency, Bitcoin is presently poised at the precipice of a conundrum – a substantial obstruction that lays near the $35,250 mark. However, a beacon of potential growth shines at the $37,000 horizon, provided the cryptocurrency successfully transcends the resistance levels of $35,250 and $35,500.
Currently, Bitcoin is setting its sights on a renewed ascension past the $36,000 limit of resistance. Its price hovers in fair proximity to $34,850, alongside the 100 hourly Simple Moving Average. On the BTC/USD hourly chart, there emerges a significant contracting triangle, its support located in the vicinity of $34,320.
The standing prognosis for the near future posits that maintaining a level above the $34,150 support level is pivotal in catalysing a fresh surge. With the currency’s price consistently held above the support threshold of $34,000, Bitcoin’s journey upwards beyond the resistance levels of $34,500 and $34,650 unraveled into yet another exponential increment.
The digital currency witnessed an upswing past the mid-point of the Fibonacci retracement level, stemming down from the $35,945 swing high to the $34,133 swing low. Opposing forces, however, gained momentum above the $35,200 plateau, the price thereby grappling with a significant roadblock near the mark of $35,250.
Derived from the $35,945 peak to the $34,133 valley, the 61.8% Fibonacci retracement level poses its own set of challenges. At the junction with the 100 hourly Simple Moving Average, the price of Bitcoin is pinned near $34,850. The BTC/USD hourly chart once more presents a contracting triangle, with the support perched close to $34,320.
Subsequent hurdles of resistance convene near $35,050, with the next potentially at the $35,250 mark or even the upper trend line of the triangle. In the event of a successful journey above the $35,250 resistance, doors may swing open for a march ahead towards the $35,500 resistance, followed by the $36,000 zone, and potentially up to $37,000. Piercing these levels might even propel Bitcoin as high as the $37,500 mark.
Nonetheless, a failure to rise above the $35,250 resistance zone could lead to continued downward movement. The $34,500 low emerges as an immediate support on this trajectory, succeeded by a significant support hanging at the precipice of the $34,150 margin. If the descent dips below this mark, the risk of further deterioration increases, even possibly falling beneath the $34,000 safety line in the foreseeable future.
Examining the technical indicators, the Hourly MACD indicates that the bearish pace is on the rise. Concurrently, the Hourly RSI (Relative Strength Index) for BTC/USD now lingers beneath the level 50 mark.
Primary Support Levels exist at $34,500 and $34,150, followed by Principal Resistance Levels at $35,050, $35,250, and $35,500.
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