TA: Bitcoin Key Indicators Suggest Strengthening Case For Decent Increase

Bitcoin is showing positive signs above $39,500 against the US Dollar. BTC must clear $40,250 to continue higher in the near term. Bitcoin started another recovery wave and climbed above the $39,800 level. The price is now trading above $39,500 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair must clear the $40,250 resistance to continue higher in the near term. Bitcoin Price Eyes Upside Break Bitcoin price started a fresh recovery wave above the $38,500 resistance level. BTC cleared the $39,250 and $39,500 resistance levels to move into a positive zone. There was a move above the 50% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. There is also a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $39,500 and the 100 hourly simple moving average. It even spiked above the $40,000 resistance. However, there was no close above the 76.4% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. On the upside, an immediate resistance is near the $40,000 level. The next key resistance could be near the $40,250 zone. Source: BTCUSD on TradingView.com A close above the $40,250 level could open the doors for a decent increase. In the stated c...