• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

TA: Bitcoin Breaks $40K, Key Upside Break Suggests Trend Change

Aayush Jindal by Aayush Jindal
4 months ago
in BTC
Reading Time: 2 mins read
Advertisement

Bitcoin started a major increase above the $40,000 resistance against the US Dollar. BTC might correct lower, but downsides could be limited below $40,000.

  • Bitcoin was able to clear the $40,000 resistance and entered a positive zone.
  • The price is trading above $40,500 and the 100 hourly simple moving average.
  • There is a key bullish trend line forming with support near $39,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair might correct lower, but there is a key support forming near the $40,000 zone.

Bitcoin Price Rallies 5%

Bitcoin price formed a base above the $38,000 level. BTC started a steady increase above the $39,550 resistance level and the 100 hourly simple moving average.

It opened the doors for a move above the $40,000 resistance. The bulls took control and were able to push the price above the $41,000 resistance zone. The price gained over 5% and there was a move towards $41,800. A high is formed near $41,706 and the price is now correcting gains.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It traded below the $41,000 level. There was a test of the 23.6% Fib retracement level of the recent wave from the $38,170 swing low to $41,706 high.

On the downside, there are many support levels forming near $40,000. There is also a key bullish trend line forming with support near $39,250 on the hourly chart of the BTC/USD pair. On the upside, bitcoin might face resistance near the $41,200 level.

Bitcoin Price

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Source: BTCUSD on TradingView.com

The next major resistance could be near the recent high or $41,800. A clear move above the $41,800 level could even push the price above the $42,000 resistance. In the stated case, the price might rise towards the $43,200 level.

Dips Limited in BTC?

If bitcoin fails to clear the $41,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,500 zone.

The next major support is seen near the $40,000 level. It is near the 50% Fib retracement level of the recent wave from the $38,170 swing low to $41,706 high. The main support now sits near the trend line and $39,000.

Technical indicators:

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

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

Major Support Levels – $40,500, followed by $40,000.

Major Resistance Levels – $41,200, $41,800 and $42,000.

Tags: bitcoinbtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

6 hours ago
Bitcoin

TA: Bitcoin Dips Further, Why BTC Could Revisit $20K

1 day ago
bitcoin bollinger bands

Bitcoin Monthly Tags Lower Bollinger Band, Tool’s Creator Hints At Bottom

2 days ago
Bitcoin

TA: Bitcoin Dips Could Be Limited, Why 100 SMA Is The Key

2 days ago
bitcoin google

Is Bitcoin Like Buying Google Early? Check Out The Shocking Comparison

5 days ago
Bitcoin

TA: Bitcoin Price Eyes Upside Break, Why BTC Could Surge to $23K

5 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

How Does Gnox (GNOX) Differentiate From Other Presales In Terms Of Safety And Security And How Does It Measure Up To Tokens Like Ethereum (ETH) And Solana (SOL)?

June 29, 2022

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.