Bitcoin price is aiming for an upside break above the $40,500 resistance. BTC bulls could face heavy resistance near $40,850 and $41,350.
- Bitcoin price is attempting a recovery wave from the $38,500 support zone.
- The price is trading just above $40,000 and the 100 hourly Simple moving average.
- There is a crucial bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to settle above the $40,400 and $40,500 resistance levels.
Bitcoin Price Eyes Upside Break
Bitcoin price remained well-bid above the. BTC formed a base and recently started a consolidation phase above the $39,000 level. The price was able to recover above the 23.6% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low. The bulls seem to be active above the $39,200 and $39,350 levels. Bitcoin is now trading just above $40,000 and the 100 hourly Simple moving average.However, there are many hurdles near $40,400. Immediate resistance is near the $40,250 level. There is also a crucial bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair.
The next key resistance could be $40,380 or the 50% Fib retracement level of the downward move from the $42,261 swing high to the $38,518 low, above which the price could rise and test $40,850. A clear move above the $40,850 resistance could send the price toward the $41,250 resistance.