TA: Bitcoin Key Indicators Suggest Strengthening Case For Decent Increase

Aayush Jindal

1 year ago

2 mins read

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Bitcoin is showing positive signs above $39,500 against the US Dollar. BTC must clear $40,250 to continue higher in the near term.

Bitcoin started another recovery wave and climbed above the $39,800 level.
The price is now trading above $39,500 and the 100 hourly simple moving average.
There is a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair must clear the $40,250 resistance to continue higher in the near term.

Bitcoin Price Eyes Upside Break

Bitcoin price started a fresh recovery wave above the $38,500 resistance level. BTC cleared the $39,250 and $39,500 resistance levels to move into a positive zone. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

There was a move above the 50% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. There is also a major bullish trend line forming with support near $39,580 on the hourly chart of the BTC/USD pair.

Bitcoin price is now trading above $39,500 and the 100 hourly simple moving average. It even spiked above the $40,000 resistance.

However, there was no close above the 76.4% Fib retracement level of the main decline from the $40,774 swing high to $37,670 swing low. On the upside, an immediate resistance is near the $40,000 level. The next key resistance could be near the $40,250 zone.

Source: BTCUSD on TradingView.com

A close above the $40,250 level could open the doors for a decent increase. In the stated case, the price could even surpass the $40,800 resistance. The next major resistance may perhaps be near the $41,250 zone.

Fresh Decline in BTC?

If bitcoin fails to clear the $40,250 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $39,750 level.

The next major support is seen near the trend line and $39,580. A clear break below the trend line support and $39,500 could open the doors for a fresh decline. In this case, the price may perhaps decline towards the $39,000 level. Any more losses might call for a test of the $38,400 support. Download Bitcoin Miner Awesom Miner Official for Windows. Safe install and earn ETH/BTC.

Technical indicators:

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

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

Major Support Levels – $39,580, followed by $38,400.

Major Resistance Levels – $40,250, $40,800 and $41,250.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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