Bitcoin Revisited $38K But Dips Still Remain Attractive

Bitcoin revisited $38K as the price gained bullish momentum and managed to clear it but there are chances of correcting lower as the bulls remain active above $37,200 so let’s read more in our latest Bitcoin news.

Bitcoin extended its rise and cleared the $38,000 resistance with the price now trading above $37,000 and the 100 hourly simple moving average and two major bullish trend line that is forming a support near $37,200 and $36,000 on the charts for the pair that eventually corrected a few points but the bulls will protect the dips below the $37,000 level.

Yesterday we saw higher chances of a move to the $38,000 resistance in the BTC price as the coin followed a bullish path above $36,000 level and cleared a few hurdles near $37,000. It even broke the $38,000 resistance and settled above the 100 hourly simple moving average but it seems that the market improved while ETH traded to a new all-time high of $1700. BTC traded to a new monthly high of$38,342 and is now consolidating the gains.

The initial support on the downside is nearing the $37,650 level and it is close to the 23.6% fib retracement level from the move of the $35,592 swing low to the $38,342 high. There were also two major bullish trend lines at the $36,000 level on the hourly charts of the pair with the first tend line close to the 50% fib retracement level from the $35,592 low to the $38,342 high. On the upside, the price is facing many hurdles near the $38,100 level so if it manages to make a clear break above these levels, the bulls could aim for a test of $40,000 in the near-term.

As Bitcoin revisited $38K, it has to sustain it now but if it fails, it could correct lower in the short-term. The first major support is near the $37,200 level and the trend line. The next key support is close to the $36,700 level so more losses could lead the price towards the second bullish trend line of $36,000. The hourly MACD is gaining momentum in the bullish zone while the hourly RSI is well above the 60 levels. The major support levels include $37,200 and $36,700 while the major resistance levels are set at $38,100 and $38,200.