Bitcoin price began a new rise above the $37,000 resistance zone. BTC could accelerate once there is a clear move above the $37,350 resistance. That is, the price of Bitcoin found support near the $35,500 zone after a sustained decline. BTC bulls were active above the $35,500 level and were able to start a new rally and the price rose above the 50% Fibonacci retracement level of the downward wave from the swing high of $37,950 to the low of $35,518. The price even rose above $37,200. Bitcoin is currently trading above $36,700 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a key bullish trend line with support near $36,720.
On the downside, immediate resistance is near the $37,350 level. It is near the 76.4% Fibonacci retracement level of the downward wave from the $37,950 swing high to $35,518 low. A clear move above the $37,350 resistance could guide the price towards the $37,800 level. The next key resistance could be around $38,000. A close above the $38,000 resistance could start a strong rally. The first major resistance is around $39,200, above which the price could accelerate further. In the stated case, this could test the $40,000 level. Further growth could take BTC to the $42,000 level.
If Bitcoin fails to rise above the $37,350 resistance zone, it could begin another decline. The immediate support on the downside is near the $37,000 level. The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of further declines. In the stated case, the price could fall towards the $35,950 support in the near term. The next key support or target could be $35,500.
Hourly MACD – MACD is now losing momentum in the bullish zone, Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above 50. Major support levels are $37,000, followed by $36,700. The main resistance levels are $37,350, $37,800 and $38,000.
On November 16, 2023, the official Dogecoin account stated that Astrobotic, a space logistics company, a division of SpaceX, plans to send physical Dogecoin to the Moon. This unique initiative involves placing Dogecoin in a DHL Moonbox, which will be delivered on a ULA Vulcan Centaur rocket in December 2023. The mission, which was funded by the Dogecoin community back in 2015, serves as a testament to the collective effort and support for the cryptocurrency.
SpaceX is currently facing a setback on the second major test flight of its Starship launch vehicle after it lost contact with the spacecraft. The company suggested that there was a glitch during the flight that led to a loss of communication. The incident has raised concerns about the reliability and performance of Elon Musk’s deep space launch system. The second stage’s automated flight termination system activated near the end of launch as Starship was heading over the Gulf of Mexico. SpaceX engineer John Insprucker shared this information live, shedding light on the potential cause of the failure. Following the SpaceX news, the value of Dogecoin dropped significantly. In just an hour, the price of Dogecoin fell by 5%.
