Bitcoin resumes the upside momentum after an up and down session
The topside trend line comes in at $37851 on the hourly chartThe price of bitcoin has seen a move higher and a move back down as well.
However if you look at the hourly chart above, the early session low held support against the 50% retracement of the range 2021 trading range at $35,359.19. The low for the day reached $35,393 just above that level. The earlier high did stall against the 61.8% retracement at $36,923.20. That stall did send the price back to the downside, but the most recent intraday low did stall ahead of the previous low, and the price has now resumed the upward momentum.
That momentum has just taken the price above the 61.8% at 36923.20. The next upside target comes in against the topside trend line at $37,851. Get above that level and the hi from 29 January at $38,664.33 will be targeted.
Move back below the 61.8% retracement, and we could see some disappointment on the break. Remember, the pair has had some up and down price action today. So traders may be little anxious if the break fails.