Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term.
- Bitcoin is showing positive signs above the $37,000 and $38,000 resistance levels.
- The price is trading nicely above the $37,000 zone and the 100 hourly simple moving average.
- There was a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher above the $39,500 and $40,000 resistance levels.
Bitcoin Price Aims Upside Break
Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average.A low was formed near $36,500 and the price started a fresh increase. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low.
There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average.
Source:An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move.