After the formation of the support base above the $ 3,500 level, the cost of Bitcoin started upward against the US dollar. The BTC / USD pair gained momentum above the resistance levels of $ 3,545 and $ 3,550.
There was also a close above $ 3,550 and a 100-hour simple sliding average. In addition, buyers pushed the price above the critical trend line this week with a resistance of $ 3,555. However, the price is facing many obstacles close to the resistance levels of $ 3,585 and $ 3,600. If there is a successful closure above the $ 3,600 resistance, the cost of BTC can continue to move higher. The next major resistances are $ 3,750 and $ 3,785, followed by a $ 3,800 key barrier.
On the downside, initial support is close to the level of $ 3,550 and the 100-hour simple sliding average. What’s more, there is a bridging trendline formed with the support of $ 3,545 on the BTC / USD pair chart. Therefore, there is a lot of support down the level of $ 3,520. It must be traded above $ 3,600 for a sustained upward move. If not, there is a risk of a breakthrough of less than $ 3,500 and a 61,8% Fib Rate adjustment from $ 3,440 to $ 3,614.