Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin price is trading in a positive zone above the $39,000 level against the US Dollar. BTC must settle above $40,000 for a sustained upward move in the near term.
- Bitcoin is trading positively above the $38,500 and $38,800 support levels.
- The price is still trading well above $39,000 and the 100 hourly simple moving average.
- There is a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate higher if it settles above $40,200 and $40,500.
Bitcoin Price Could Gain Momentum
Bitcoin price remained well bid above the $38,200 support zone. BTC started a steady increase and it even broke the $39,000 level and the 100 hourly simple moving average.
However, the bulls are struggling to gain strength above the $40,000 zone. The last high was formed near $40,920 before there was a minor downside correction. The price corrected below the $40,000 support level.
There was a break below the 23.6% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. The price even traded below $39,500, but the bulls were active above the $39,000 support. There is also a major bullish trend line forming with support near $39,000 on the hourly chart of the BTC/USD pair.
The price is also trading nicely above the 50% Fib retracement level of the upward wave from the $36,340 swing low to $40,920 high. On the upside, an initial resistance is near the $40,200 level. The first key resistance is near the $40,500 level.
Source: BTCUSD on TradingView.com
If there is an upside break above the $40,500 resistance zone, there are chances of more upsides. The next major resistance is near the $41,000 and $41,200 levels. A close above $41,200 could trigger a steady increase towards the $43,500 level.
Dip Supported in BTC?
If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $39,200 level.
The first major support is now near the $39,000 zone and the 100 hourly SMA. A clear downside break below the trend line and $39,000 might call for a move towards the $38,000 level. The next major support is near the $37,800 zone.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $39,200, followed by $39,000.
Major Resistance Levels – $40,200, $40,500 and $42,000.
