Bitcoin started a sharp recovery wave from $39,700 against the US Dollar. BTC is rising and the next major stop for the bulls might be $43,500.
- Bitcoin spiked towards the $39,600 level, where the bulls took a stand.
- The price is trading above $42,000 and the 100 hourly simple moving average.
- There was a break above a key bearish trend line with resistance near $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to recover and test the $43,500 resistance zone in the near term.
Bitcoin Price Recovers Sharply
Bitcoin price extended decline below the $40,500 support level. BTC even spiked below the $40,000 level and traded as low as $39,659.
Recently, there was a sharp recovery wave above the $40,000 level. The price climbed higher above the $40,500 and $41,200 resistance levels. The bulls even pushed the price above the 50% Fib retracement level of the recent decline from the $42,739 swing high to $39,659 low.Besides, there was a break above a key bearish trend line with resistance near $41,800 on the hourly chart of the BTC/USD pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average.
Source:On the upside, the first major resistance is near the $42,750 level. The next major resistance is near the $43,500 level. It is near the 1.236 Fib extension level of the recent decline from the $42,739 swing high to $39,659 low. Any more gains could pump the price towards the $44,500 level. The next major resistance is near the $45,500 level, where the bears might emerge.
