Bitcoin extended its recovery above the $41,400 against the US Dollar. BTC could rally further if there is a clear close above the $41,500 and $41,800.
- Bitcoin started a decent recovery wave above the $41,000 and $41,400 levels.
- The price is now trading above $41,000 and the 100 hourly simple moving average.
- There is a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $41,500 resistance and $41,800 to start a major upward move.
Bitcoin Price Shows Positive Signs
Bitcoin price formed a base above the $40,000 level. BTC started a decent recovery wave and was able to clear the $41,000 resistance zone. Download Bitcoin Miner . Safe install and earn ETH/BTC.
The price remained in a positive zone and climbed further above the $41,400 level. It even spiked above the $41,500 resistance and settled above the 100 hourly simple moving average. A high was formed near the $41,825 level and the price is now consolidating gains.
Source:An immediate resistance on the upside is near the $41,500 level. The next key resistance could be $41,800. To start a strong upward move, the price must settle above the $41,500 zone and then clear $41,800. If the bulls succeed, the price could rise towards the $42,500 resistance zone. Any more gains might call for a move towards the $43,200 level.