TA: Bitcoin Fails Near Key Zone, Can Bulls Save The Day

Bitcoin attempted a key upside break above the $38,500 resistance against the US Dollar. BTC failed to clear $38,500 and started a fresh decline. Bitcoin struggled to gain pace above the $38,200 and $38,500 resistance levels. The price is now trading below $37,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase if the bulls are able to protect the $35,500 support zone. Bitcoin Price Keeps Struggling Bitcoin price started a recovery wave above the $36,000 and $37,000 levels. BTC was even able to clear the $37,500 level and the 100 hourly simple moving average. However, the bulls faced a strong resistance near the $38,200 and $38,500 levels. It failed to surpass the 50% Fib retracement level of the main drop from the $43,490 swing high to $32,950 low. A high was formed near $38,490 and the price started a fresh decline. There was a break below the $37,200 support zone. Besides, there was a break below a key bullish trend line with support near $37,150 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $37,000 and the 100 hourly simple moving average. It is testing the 50% Fib retracement level of the upward move from the $32,940 swing low to $38,490 high. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on...