The price of bitcoin built a base above $35,000 and began a new upward trend against the US dollar. BTC smashed over the $38,000 hurdle and traded towards $40,000.
- Above the $38,000 and $38,500 resistance levels, Bitcoin began a new uptrend.
- The price is now significantly higher above $38,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair, there was a break above a strong descending channel with resistance above $36,200.
- Although the pair may correct lower, the bulls are expected to continue active at $38,000.
Bitcoin was steadily declining, although bulls were active at the $35,000 support level. BTC has just begun a significant climb after forming a base above the $35,000 mark.
Above the $36,500 barrier and the 100 hourly simple moving average, there was a clear breach. On the hourly chart of the BTC/USD pair, there was a break above a strong descending channel with resistance above $36,200.
If bitcoin fails to break over the $39,800 resistance, it may begin a downtrend. On the downside, $38,600 serves as a first support level.
The $38,000 level is the first big support. Near the $37,500 mark, the major support is developing. It's close to the 50% Fib retracement level of the rising wave from the swing low of $34,916 to the high of $39,849. A break below the $37,500 support zone on the downside might drive the stock closer to the 100 hourly SMA.
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