TA: Bitcoin Lacks Momentum Above $38.5K, But Dips Likely To Be Limited

[Pagla]

Bitcoin extended increase above the $38,800 resistance zone against the US Dollar. BTC is now struggling near $39,200 and might correct a few points.

Bitcoin started a fresh increase and was able to clear the $38,500 resistance zone.
The price is now trading above $38,000 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $37,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to rise if it stays above the $37,500 support zone in the near term.
Bitcoin Price Consolidates
Bitcoin price remained strong above the $37,500 pivot level. BTC extended increase and was able to clear the $38,500 resistance zone.

The price even spiked above the $39,000 level and settled above the 100 hourly simple moving average. A high is formed near the $39,290 level and the price is now consolidating gains. There was a minor decline below the $38,800 level.

Bitcoin traded below the 23.6% Fib retracement level of the recent increase from the $36,665 swing low to $39,290 high. However, it is trading above $38,000 and the 100 hourly simple moving average.

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