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Key Takeaways:
- Bitcoin price is consolidating recent gains below the $35,000 resistance.
- BTC/USD is trading well above a major bullish trend line, with support at $32,600 on the 4-hour chart.
- A possible bullish hidden divergence is forming, suggesting an uptrend continuation above $35,000.
NEW DELHI (CoinChapter.com) — Bitcoin price is holding gains above $32,500. BTC/USD might correct lower, but dips could be attractive to the bulls near $32,500 and $30,000.
Bitcoin Price Turns Attractive On Dips
In the last BTC price analysis, we decoded key hurdles to a fresh increase. The BTC/USD pair did stay above $28,000 and cleared the main hurdle at $30,000. As a result, there was a strong rally toward the $35,000 resistance.
A new multi-week high is formed near $35,199, and the price recently started a consolidation phase. It is now trading well above a major bullish trend line with support at $32,600 on the 4-hour chart and the 50 simple moving average (blue, 4-hour).
It seems like there are chances of a possible bullish hidden divergence. The RSI is making lower lows, and the price is making higher lows. This could signal an uptrend continuation above the $34,500 and $35,000 levels.
If the current pattern fails and Bitcoin extends its downside correction, it could test the 23.6% Fib retracement level of the upward move from the $26,580 swing low to the $35,199 high.
The bulls might take a stand near $33,150 or the trend line. A downside break below the trend line could signal a larger pullback in November 2023. The first major support below the trend line is $31,500 or the 50 simple moving average (blue, 4-hour).
The main uptrend support in November 2023 could be $30,000 (the recent breakout zone) and the 61.8% Fib retracement level of the upward move from the $26,580 swing low to the $35,199 high. The $30,000 support region could spark bullish interest if BTC slides in the next few days.
Uptrend Continuation
Conversely, Bitcoin price might continue the current trend from $34,000 to $33,150. On the upside, BTC is facing resistance near the $34,500 level. The first major resistance is near $35,000, or the recent high.
A successful daily close above the $35,000 resistance could spark another rally. The BTC price might rise toward $37,200 or even $38,000 in the stated case. The next major target for the bulls might be $40,000.
Overall, Bitcoin price is trading in a positive zone and signaling an uptrend continuation. There might be a pullback to $33,150 or even $31,500, but the bulls could take a strong stand on dips.
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