Bitcoin started a recovery wave above the $38,400 resistance against the US Dollar. BTC must clear $39,600 to move into a positive zone. Bitcoin managed to stay above $37,650 and started an upside correction. The price is now trading near $39,200 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $39,600 resistance to start a decent increase in the near term. Bitcoin Price Recovers Ground Bitcoin price formed a base above the $38,000 and started a recovery wave. BTC broke the $38,400 and $38,500 resistance levels. There was a move above the 50% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low. Bitcoin even climbed above the $39,500 level, but it faced sellers near the $39,600 level. It is now trading near $39,200 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $39,600 level. The 61.8% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low is also near the $39,600 level. The next key resistance could be near the $40,000 zone. A close above the $39,600 level and the 100 hourly simple moving average could open the doors for a decent increase. Source: BTCUSD on TradingView...
