TA: Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC

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Bitcoin price formed a base above $35,000 and started a fresh increase against the US Dollar. BTC broke the $38,000 resistance and it even traded close to $40,000.

  • Bitcoin started a fresh increase above the $38,000 and $38,500 resistance levels.
  • The price is currently well above $38,000 and the 100 hourly simple moving average.
  • There was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could correct lower, but the bulls are likely to remain active near $38,000.

Bitcoin Price Gains Bullish Momentum

Bitcoin declined slowly, but the bulls were active near the $35,000 support zone. BTC formed a base above the $35,000 level and it recently started a strong increase.

There was a clear break above the $36,500 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair.

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The pair gained pace and it broke the key $38,000 resistance level. The upward move was such that the price traded close to the $40,000 level.


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