Bitcoin prolonged enhance above the $38,800 resistance zone towards the US Dollar. BTC is now struggling close to $39,200 and would possibly appropriate a couple of factors.
- Bitcoin began a contemporary enhance and was in a position to clear the $38,500 resistance zone.
- The worth is now buying and selling above $38,000 and the 100 hourly easy shifting common.
- There is a key bullish development line forming with help close to $37,650 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may proceed to rise if it stays above the $37,500 help zone within the close to time period.
Bitcoin Price Consolidates
Bitcoin worth remained robust above the $37,500 pivot stage. BTC prolonged enhance and was in a position to clear the $38,500 resistance zone.
The worth even spiked above the $39,000 stage and settled above the 100 hourly easy shifting common. A excessive is shaped close to the $39,290 stage and the value is now consolidating positive factors. There was a minor decline under the $38,800 stage.
Bitcoin traded under the 23.6% Fib retracement stage of the latest enhance from the $36,665 swing low to $39,290 excessive. However, it’s buying and selling above $38,000 and the 100 hourly easy shifting common.
Source: BTCUSD on TradingView.com
On the upside, an preliminary resistance is close to the $38,800 stage. The first main resistance is close to the $39,200 zone. A transparent transfer above the $39,200 zone would possibly push the value in the direction of the $40,000 resistance zone. Any extra positive factors could maybe open the doorways for a bigger enhance within the coming classes. The subsequent main resistance above $40,000 could be close to the $41,200 stage.
Downsides Limited in BTC?
If bitcoin fails to start out a contemporary enhance above $39,200, it may begin a draw back correction. An fast help on the draw back is close to the $38,500 zone.
The first main help is seen close to the $38,000 zone. It is close to the 50% Fib retracement stage of the latest enhance from the $36,665 swing low to $39,290 excessive. The essential help is close to the development line and $37,500. A draw back break under the $37,500 help zone could maybe name for a pointy decline within the close to time period.
Technical indicators:
Hourly MACD – The MACD is now shedding momentum within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD remains to be above the 50 stage.
Major Support Levels – $38,000, adopted by $37,500.
Major Resistance Levels – $38,800, $39,200 and $40,000.
