MultiversX Tracker is Live!

TA: Bitcoin Reverse Losses, But Why $40K Still Is The Key

NewsBTC

Cryptocoins News / NewsBTC 188 Views

Bitcoin found support near $34,300 and started a strong recovery against the US Dollar. BTC climbed above $38,000, but it is still struggling near $40,000.

  • Bitcoin found support near the $34,300 and $34,500 levels.
  • The price is trading above $38,000 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could rise further if there is a clear move above $39,500 and $40,000.

Bitcoin Price Gains Momentum

Bitcoin price extended decline below the $35,000 support zone. However, BTC found support near the $34,300 and $34,500 levels. A low was formed near $34,333 and the price started a strong upward move.

The price climbed above the $36,500 and $37,000 resistance levels. The bulls were able to push the price above the $38,000 level and the 100 hourly simple moving average. It even spiked above the $39,500 resistance level, but there was no upside continuation.

A high is formed near $39,739 and the price is now consolidating gains. It traded below the 23.6% Fib retracement level of the upward move from the $34,333 swing low to $39,739 high.

Bitcoin is now trading above $38,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $37,600 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $39,200 level. The next key resistance is near the $39,500 level. The main resistance is still near the $40,000 level. A clear move above the $40,000 resistance could send the price further higher. In the stated case, it could even test $41,200.

Dips Limited in BTC?

If bitcoin fails to clear the $39,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $38,000 zone.

The next major support is seen near the $37,800 level and the trend line. If there is a downside break below the trend line support, the price might gain bearish momentum towards $36,000.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.

Major Support Levels – $38,000, followed by $37,800.

Major Resistance Levels – $39,200, $39,500 and $40,000.

Tags:


Get BONUS $200 for FREE!

You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.



Comments