TA: Why Bitcoin Price Eyes Crucial Upside Break Above $41.5K

Bitcoin extended its recovery above the $41,400 against the US Dollar. BTC could rally further if there is a clear close above the $41,500 and $41,800. Bitcoin started a decent recovery wave above the $41,000 and $41,400 levels. The price is now trading above $41,000 and the 100 hourly simple moving average. There is a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $41,500 resistance and $41,800 to start a major upward move. Bitcoin Price Shows Positive Signs Bitcoin price formed a base above the $40,000 level. BTC started a decent recovery wave and was able to clear the $41,000 resistance zone. The price remained in a positive zone and climbed further above the $41,400 level. It even spiked above the $41,500 resistance and settled above the 100 hourly simple moving average. A high was formed near the $41,825 level and the price is now consolidating gains. Bitcoin is trading well above the 23.6% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high. There is also a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $41,500 level. The next key resistance could be $41,800. To start a strong upward move, the price must settle above the $41,500 zone an...