Bitcoin Continues Consolidating Above $36,000

[MUGNIA]

The Bitcoin (BTC) price has been increasing since Jan. 12, and is currently consolidating above $36,000 inside a symmetrical triangle.

Bitcoin is expected to find resistance at $37,700. A breakout above $40,112 would suggest that BTC is still in a bullish impulse instead of being in a corrective phase.

 
Bitcoin Continues its Ascent
Bitcoin has been increasing since bouncing at the 0.382 Fib retracement support level at $32,124 on Jan. 11. The increase has been relatively gradual and choppy, more akin to a corrective pattern than a bullish impulse.

Despite the hidden bullish divergence in the RSI, the rest of the technical indicators from the daily time-frame are bearish. The Stochastic oscillator has made a bearish cross and the MACD has almost turned negative.

If BTC were to break down, the next closest support area would be found at $29,080 (0.5 Fib retracement).


more: https://beincrypto.com/bitcoin-continues-consolidating-above-36000/

Bitcoin is expected to gradually increase to $ 37,700. A break above $ 40,112 will show that BTC is still on a bullish impulse while a drop below $ 33,822 will confirm that the trend is bearish.