TA: Bitcoin Technical Indicators Suggest Short-Term Recovery To $41.3K

Apr 13, 2022 04:00 am Cryptocurrency 130

Bitcoin is consolidating above the $39,250 support zone against the US Dollar. BTC could recover if it manages to clear the $40,250 resistance zone.

Bitcoin retested the $39,250 support zone and found a strong buying interest.

The price is still trading below $41,000 and the 100 hourly simple moving average.

There is a connecting bearish trend line forming with resistance near $40,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could start a short-term recovery if there is a move above $40,250.

Bitcoin Price Remains Supported

Bitcoin price attempted an upside correction above the $40,000 level. BTC climbed above the $40,400 level, but the bears remained active.

It seems like the price struggled to stay above the 23.6% Fib retracement level of the key decline from the $43,416 swing high from the $39,240 low. A high was formed near $40,800 and the price started another decline. There was a break below the $40,000 level, but the bulls again defended the $39,250 zone.

It is now consolidating near the $40,000 ..

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