Bitcoin started a recovery wave above the $38,400 resistance. BTC must clear $39,600 to move into a positive zone. Bitcoin price formed a base above the $38,000 and started a recovery wave. BTC broke the $38,400 and $38,500 resistance levels.

There was a move above the 50% Fib retracement level of the key drop from the $40,775 swing high to $37,672 low. Bitcoin even climbed above the $39,500 level, but it faced sellers near the $39,700 level. It is now trading near $39,600 and the 100 hourly simple moving average .
There is also a key bullish trend line forming with support near $39,220 on the hourly chart of the BTC /USDT pair. On the upside, an immediate resistance is near the $39,700 level.

The next key resistance could be near the $40,000 zone. A close above the $39,600 level and the 100 hourly simple moving average could open the doors for a decent increase. In the stated case, the price could even surpass the $40,000 resistance. The next major resistance may perhaps be near the $40,770 zone. If bitcoin fails to clear the $39,600 resistance zone , it could start a fresh decline. An immediate support on the downside is near the $39,250 level.

The next major support is seen near the trend line and $39,200. A close below the $39,200 support zone might start another decline. In the stated case, the price might drop to $38,400.

Technical indicators:
Hourly MACD – The MACD is slowly losing pace in the bullish zone.
Hourly RSI ( Relative Strength Index ) – The RSI for BTC /USDT is now above the 50 level.
Major Support Levels – $39,200, followed by $38,400.
Major Resistance Levels – $39,700, $40,000 and $40,770.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.