BTC / USD
23,262.68
2.03%
(+463.89)
ETH / USD
1,675.95
3.44%
(+55.73)
XRP / USD
0.40
3.19%
(+0.01)
LTC / USD
100.93
4.68%
(+4.51)
EOS / USD
1.11
5%
(+0.05)
BCH / USD
136.21
3.42%
(+4.51)
ADA / USD
0.40
4.75%
(+0.02)
XLM / USD
0.09
3.84%
(0)
NEO / USD
9.19
5.66%
(+0.49)
XEM / USD
0.04
6.74%
(0)
DASH / USD
65.54
5.25%
(+3.27)
USDT / USD
1.00
0%
(0)
BNB / USD
332.77
2.35%
(+7.65)
QTUM / USD
2.98
5.63%
(+0.16)
XVG / USD
0.00
6.4%
(0)
ONT / USD
0.24
5.92%
(+0.01)
ZEC / USD
46.92
7.54%
(+3.29)
STEEM / USD
0.23
1.94%
(0)

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

0

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.

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.

Leave A Reply

Your email address will not be published.