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After a week of a downtrend and constant price declines, since the beginning of the Asian session, BTC broke the resistance zone of 5/8 Murray at 39,062.
Until today, Bitcoin is gaining more than 10.2%. The increase could have been triggered by news of a new educational program from the US Treasury Department.
Yesterday Bitcoin was trading around the support zone of 37,500 and is now trading at $42,187. In these 24 hours, BTC broke above the psychological level of 40,000 and 42,000, which have been vital levels of resistance.
It is currently located above the 21 SMA and the 200 EMA with a bullish bias. In the next few hours, it could reach the resistance of 8/8 Murray at 43,750.
This BTC rally could be part of a technical correction and the crypto could resume its downtrend and reach the support of 37,500 again.
According to the Fibonacci indicator, BTC has made a correction towards 61.8%. If it fails to consolidate above this area in the next few hours, there is likely to be a pullback towards the level 200 EMA around 40,000. If the price breaks this zone, it could again fall towards 37,500.
Our trading plan for the next few hours is to sell below 7/8 Murray at 42,187 with targets at 39,062 and towards 4/8 Murray at 37,500. Or in case of a pullback towards 43,750 it would be an opportunity to sell at resistance of 8/8 Murray.
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