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Bitcoin worth failed once more to clear the $38,500 resistance zone. BTC is consolidating above the 100 hourly SMA and would possibly try one other improve.

• Bitcoin continues to be dealing with heavy resistance close to the $38,500 zone.
• The worth is buying and selling above $37,400 and the 100 hourly Simple transferring common.
• There is a key bullish development line forming with help close to $37,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair might make one other try to clear the $38,500 resistance until it breaks under $37,350.

Bitcoin Price Holds Support

Bitcoin worth remained well-bid above the $37,500 help zone. BTC climbed larger above the $38,000 degree and made one other try to clear the $38,400 resistance zone.

However, the bulls failed to realize power and the value peaked close to $38,400. It is once more correcting features and buying and selling under the 23.6% Fib retracement degree of the upward transfer from the $36,721 swing low to the $38,390 excessive.

Bitcoin is now buying and selling above $37,400 and the 100 hourly Simple moving average. There can be a key bullish development line forming with help close to $37,350 on the hourly chart of the BTC/USD pair.

On the upside, quick resistance is close to the $38,200 degree. The first main resistance is forming close to $38,400. The essential resistance continues to be close to the $38,500 degree. A detailed above the $38,500 resistance would possibly begin a recent rally.

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be close to $39,200, above which BTC might climb towards the $39,500 degree. Any extra features would possibly ship BTC towards the $40,000 resistance.

More Losses In BTC?

If Bitcoin fails to rise above the $38,400 resistance zone, it might begin one other decline. Immediate help on the draw back is close to the $37,550 degree or the 50% Fib retracement degree of the upward transfer from the $36,721 swing low to the $38,390 excessive.

The subsequent main help is close to $37,350 and the development line. If there’s a transfer under $37,350, there’s a danger of extra downsides. In the said case, the value might decline towards the $36,720 help within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now dropping tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.

Major Support Levels – $37,550, adopted by $37,350.

Major Resistance Levels – $38,400, $38,500, and $39,200.