Bitcoin (BTC) Price Watch: Important Reversal Signs Emerge

Bitcoin price made a few swing moves above the $3,800 and $3,830 supports against the US Dollar. The price managed to settle above the $3,850 level and the 100 hourly simple moving average. This week’s major bearish trend line with resistance at $3,845 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair tested the $3,870 level and it is currently consolidating, with positive signs.

Bitcoin price climbed above key resistance levels against the US Dollar. BTC is trading with a bullish angle and it could rise above $3,900 and $3,940 in the coming sessions.

Bitcoin Price Analysis

The past three sessions were very volatile, with swing moves in bitcoin price above $3,800 against the US Dollar. The BTC/USD pair formed a large candle, taking out both short and long positions below the $3,900 resistance. The last swing low was formed at $3,832 before the price climbed higher. Buyers managed to push the price above the $3,850 resistance and the 100 hourly simple moving average.

More importantly, this week’s major bearish trend line with resistance at $3,845 was breached on the hourly chart of the BTC/USD pair. The pair failed to gain momentum after