Bitcoin extended decline and tested the $38,200 zone against the US Dollar. BTC started a major recovery wave and climbed above the $40,000 resistance.
- Bitcoin extended decline, but it remained stable above the $38,000 level.
- The price is now back above below $40,000 and the 100 hourly simple moving average.
- There was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is eyeing more upsides above the $40,500 and $40,950 resistance levels.
Bitcoin Price Recovers Sharply
Bitcoin price remained in a bearish zone after it broke the $39,200 support. BTC extended decline below the $38,500 level, but the bulls were active near the $38,200 level. Download Bitcoin Miner . Safe install and earn ETH/BTC.
A low was formed near $38,200 and the price started a major increase. The price climbed higher above the $39,200 and $39,500 resistance levels. There was a move above the 23.6% Fib retracement level of the key decline from the $42,950 swing high to $38,200 low.Besides, there was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USD pair. Bitcoin is now back above below $40,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $40,550 level. It is near the 50% Fib retracement level of the key decline from the $42,950 swing high to $38,200 low. The next key resistance could be $40,950. If there is a clear move above the $40,950 and $41,000 levels, the price could continue to rise.Source:In the stated case, the price could even surpass the $41,200 resistance. The next major resistance may perhaps be near the $41,800 zone.