Bitcoin price started a fresh increase from the $37,500 support against the US Dollar. BTC must clear the 100 hourly SMA and $40,000 to move into a positive zone.
- Bitcoin started a decent increase above the $38,000 and $38,500 resistance levels.
- The price is now struggling near the $40,000 zone and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must settle above the $40,000 barrier to continue higher in the near term.
Bitcoin Price is Rising
Bitcoin price extended its decline below the $38,200 and $38,000 support levels. BTC tested the $37,500 zone, where the bulls took a stand.A base was formed near $37,500 before the price started a fresh increase. Earlier, there was a break above a major bearish trend line with resistance near $38,250 on the hourly chart of the BTC/USD pair. The pair climbed higher nicely above the $38,000 and $38,500 resistance levels.
Bitcoin broke the 23.6% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low. It is now struggling near the $40,000 zone and the 100 hourly simple moving average.
Source:The 50% Fib retracement level of the main decline from the $42,630 swing high to $37,533 low is also near the $40,000 zone. Therefore, a close above the 100 hourly SMA and $40,000 might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term.
