TA: Bitcoin Starts Recovery, Why $38K Is The Key For Reversal

Bitcoin extended decline below $34,000 against the US Dollar. BTC is recovering, but it must clear $38,000 for a steady upward move. Bitcoin remained in a bearish zone below the $38,000 and $36,500 support levels. The price is now trading near $36,500 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $38,000 resistance. Bitcoin Price Eyes Recovery Bitcoin price extended decline below the $35,000 and $34,000 support levels. BTC even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave. There was a break above the $35,000 and $35,500 resistance levels. The bulls pushed the price above the 23.6% Fib retracement level of the recent decline from the $43,490 swing high to $32,940 low. Besides, there was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USD pair. The pair even spiked above the $37,000 level. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,000 level. Source: BTCUSD on TradingView.com The first major resistance is near the $38,000 zone. It is near the 50% Fib retracement level of the recent decline from the $43,490 swing high ...