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Bitcoin Key Indicators Suggest Strengthening Case For Decent Increase

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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.

Fresh Decline in BTC?

If bitcoin fails to clear the $40,250 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,750 level.The next major support is seen near the trend line and $39,580. A clear break below the trend line support and $39,500 could open the doors for a fresh decline. In this case, the price may perhaps decline towards the $39,000 level. Any more losses might call for a test of the $38,400 support.


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