TA: Bitcoin Resumes Rally, Why BTC Could Accelerate Above $40K

Bitcoin price found support near $36,400 and it started a fresh increase against the US Dollar. BTC is showing positive signs and it could rally further above $40,000. Bitcoin remained well bid above the $36,400 and $36,500 support levels. The price is now trading well above $37,000 and the 100 hourly simple moving average. There is a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum above the $40,000 resistance zone in the near term. Bitcoin Price Gains Pace Bitcoin price corrected lower from the $40,000 resistance zone. BTC declined below the $38,000 support level, but it remained well above the 100 hourly simple moving average. The bulls were active near the $36,400 and $36,500 support levels. A low was formed near $36,403 and the price is now rising. It broke the $37,000 and $38,000 levels. There was a clear break above the 50% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low. It is now trading well above $37,000 and the 100 hourly simple moving average. Bitcoin seems to be positioned nicely above the 76.4% Fib retracement level of the downward move from the $40,520 swing high to $36,400 swing low. Source: BTCUSD on TradingView.com There is also a crucial bullish trend line forming with support near $36,800 on the hourly chart of the BTC/USD pair. On the upside, ...