Bitcoin is in a resistance zone or not?
Bitcoin is attempting an upside break above the $38,800 resistance zone against the US Dollar.
BTC could rally further unless it fails to stay above $37,400.
At the time of scripting, Bitcoin started a fresh increase and was able to clear the $38,000 resistance zone. Further, the price is now trading above $37,500 and 100 hourly simple moving average.
There was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if there is a clear move above the $38,800 resistance zone.
Bitcoin Price Tops The Resistance Zone
Bitcoin price corrected lower below the $38,000 pivot level. BTC even traded below $37,000, but the bulls were active near the $37,650. A low was formed near $36,667 and the price started a fresh increase at the time of writing.
Also, there was a clear move above the $37,500 resistance zone and the 100 hourly simple moving average. Besides, there was a break above a major bearish trend line with resistance near $37,450 on the hourly chart of the BTC/USD pair.
Furthermore, the pair surged above the $38,000 resistance zone. A high is formed near $38,786, and bitcoin is now facing a major resistance near the $38,800 zone.
Moreover, at the time of writing, It is currently trading near the 23.6% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high. On the upside, an initial resistance is near the $38,500 level.
In addition, if bitcoin fails to start afresh increase above $38,800, it could start a downside correction. Immediate support on the downside is near the $38,000 zone.
Furthermore, the first major support is seen near the $37,750 zone at the time of scripting. It is near the 50% Fib retracement level of the upward move from the $36,667 swing low to $38,786 high.
Also, a downside break below the $37,500 support zone may perhaps push the price towards the $37,000 support zone.
