Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance.
- Bitcoin is still struggling to clear the $38,500 resistance zone.
- The price is trading above $37,400 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another increase and attempt to clear the $38,500 resistance.
Bitcoin Price Remains Supported
Bitcoin price is still trading well below the $38,500 resistance zone. The last swing high was formed near $38,419 before there was a downside correction.
BTC declined below the $38,000 level. There was a move below the 23.6% Fib retracement level of the key increase from the $36,721 swing low to the $38,419 high. The price even spiked below the $37,650 support but downsides were limited.Bitcoin is now trading above $37,400 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC/USD pair. On the upside, immediate resistance is near the $38,000 level.
The first major resistance is forming near $38,050 or the 61.8% Fib retracement level of the recent decline from the $38,419 swing high to the $37,501 low, above which the price might revisit the $38,400 resistance zone.
