TA: Bitcoin Eyes Steady Recovery, Why Bulls Might Struggle

Bitcoin started a recovery wave above $36,000 against the US Dollar. BTC must settle above the $38,000 zone to start a steady upward move. Bitcoin is trying to clear the $37,500 and $38,000 resistance levels. The price is now trading above $36,500 and the 100 hourly simple moving average. There is a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a steady upward move if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Upside Continuation Bitcoin price managed to stay above the $35,000 zone and started a recovery wave. BTC climbed above the $36,000 resistance zone to move into a short-term bullish zone. There was a break above the $36,500 and $36,800 resistance levels. Besides, there was a move above the 23.6% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. It is now consolidating near the $37,000 level and trading well above the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,400 level. There is also a key breakout pattern forming with resistance near $37,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The first major resistance is near the $38,200 zone. It is near the 50% Fib retracement level of the key drop from the $43,495 swing high to $32,950 low. An upside break above the $38,200 resistance could start...