Bitcoin extended its recovery above the $41,400 against the US Dollar.
It even spiked above the $41,500 resistance and settled above the 100 hourly simple moving average.
Bitcoin is trading well above the 23.6% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high.
To start a strong upward move, the price must settle above the $41,500 zone and then clear $41,800.
If bitcoin fails to clear the $41,500 resistance zone, it could start a downside correction.
It is near the 50% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high.
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