TA: Bitcoin Lacks Momentum Above $38.5K, But Dips Likely To Be Limited

Bitcoin extended increase above the $38,800 resistance zone against the US Dollar. BTC is now struggling near $39,200 and might correct a few points. Bitcoin started a fresh increase and was able to clear the $38,500 resistance zone. The price is now trading above $38,000 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $37,650 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could continue to rise if it stays above the $37,500 support zone in the near term. Bitcoin Price Consolidates Bitcoin price remained strong above the $37,500 pivot level. BTC extended increase and was able to clear the $38,500 resistance zone. The price even spiked above the $39,000 level and settled above the 100 hourly simple moving average. A high is formed near the $39,290 level and the price is now consolidating gains. There was a minor decline below the $38,800 level. Bitcoin traded below the 23.6% Fib retracement level of the recent increase from the $36,665 swing low to $39,290 high. However, it is trading above $38,000 and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $38,800 level. The first major resistance is near the $39,200 zone. A clear move above the $39,200 zone might push the price towards the $40,000 resistance zone. Any more gains may perhaps open the doors for a larger increase in th...