Bitcoin’s price continued to recover and rose above the USD 38,000 resistance against the US dollar. In fact, BTC soared above USD 40,000 and is likely gearing up for more benefits.
- Bitcoin remained well-bid and managed to climb above the 38,000 and USD 38,500 resistance levels.
- The price is now trading nicely above the USD 38,500 level and the 100-hour simple moving average.
- A major contracting triangle is forming with resistance near USD 39,425 on the hourly chart of the BTC / USD pair (Kraken data feed).
- The pair could rise again if it clears the USD 39,400 and USD 39,500 resistance levels in the near term.
Bitcoin price is gaining traction
After a successful hiatus and a follow-up move above USD 36,000, bitcoin price started at a strong growth. BTC broke some key hurdles near the USD 38,000 level to move further into a bullish zone.
The price gained pace and broke the USD 39,200 resistance. It even spiked above the USD 40,000 resistance and settled above the 100 easy hourly moving average. A high is forming near the USD 40,212 level and the price is currently consolidating gains.
It corrected below the USD 39,500 and USD 39,200 levels. A low is formed near the USD 38,052 level and the price is currently forming a breakout pattern. It climbed above the 50% Fib retracement level from the recent drop from the high of $ 40,212 to the low of $ 38,052.
It looks like a major contracting triangle is forming with resistance near USD 39,425 on the hourly chart of the BTC / USD pair. Triangle resistance is close to the 61.8% Fib retracement level of the recent drop from the high of $ 40,212 to the low of $ 38,052.
If there is a clear upside break above the triangle resistance, the price could clear the USD 40,000 level. In the case mentioned, bitcoin price could be pursuing a surge and the bulls are likely to set a new all-time high in the coming sessions.
A refreshing dip in BTC?
If bitcoin doesn’t lift the triangle resistance and USD 40,000, there is a risk of another decline. An initial support is near the USD 38,500 level.
A downside pause Below the USD 38,500 and USD 38,000 support levels, the price could potentially push towards the key USD 36,000 support zone in the near term.
Hourly MACD – The MACD is slowly losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is falling to the 50 level.
Key Support Levels – USD 38,500, followed by USD 36,000.
Key Resistance Levels – USD 39,450, USD 40,000 and USD 41,800.