BTC / USD
17,220.36
2.38%
(+400.3)
ETH / USD
1,283.51
4.45%
(+54.65)
XRP / USD
0.39
0.93%
(0)
LTC / USD
78.02
3.96%
(+2.97)
EOS / USD
1.04
5.93%
(+0.06)
BCH / USD
111.63
2.55%
(+2.78)
ADA / USD
0.31
1.52%
(0)
XLM / USD
0.09
1.81%
(0)
NEO / USD
7.12
3.65%
(+0.25)
XEM / USD
0.03
3.13%
(0)
DASH / USD
46.22
5.6%
(+2.45)
USDT / USD
1.00
0%
(0)
BNB / USD
290.02
2.33%
(+6.61)
QTUM / USD
2.17
2.31%
(+0.05)
XVG / USD
0.00
2.44%
(0)
ONT / USD
0.18
2.76%
(0)
ZEC / USD
45.39
3.42%
(+1.5)
STEEM / USD
0.18
4.64%
(+0.01)

Why Bitcoin Price Could Eye Strong Recovery Above $41.5K

0

Bitcoin is correcting losses and trading above $41,000 against the US Dollar. BTC could gain bullish momentum above $41,350 and $41,500.

  • Bitcoin remained well bid above $39,250 and started a fresh increase.
  • The price is now trading above $41,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could gain pace if there is a clear move above the $41,500 resistance zone.

Bitcoin Price Eyes Upside Break

Bitcoin price remained well bid above the $39,250 support zone. BTC formed a base and started a fresh increase above the $40,000 resistance zone.

The bulls gained strength and were able to push the price above $40,500. There was a move above the 23.6% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low. Besides, there was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USD pair.

The pair even broke the $41,000 resistance zone and settled above the 100 hourly simple moving average. An immediate resistance on the upside is near the $41,350 level.

The 50% Fib retracement level of the main drop from the $43,415 swing high from the $39,240 low is also near the $41,350 zone. The next key resistance could be $41,500. If the bulls able to clear the $41,350 and $41,500 resistance levels, the price could accelerate higher.

Source: BTCUSD on TradingView.com

In the stated case, the price may perhaps rise towards the $41,800 resistance zone. Any more gains could set the pace for a move towards the $42,500 level in the near term.

Another Decline in BTC?

If bitcoin fails to clear the $41,500 resistance zone, it could start another decline. An immediate support on the downside is near the $41,000 level.

The next major support is seen near the $40,550 level. A downside break below the $40,550 support zone could accelerate losses. In the stated case, the price could decline towards the $40,000 level or even $39,250.

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 now well above the 50 level.

Major Support Levels – $41,000, followed by $40,550.

Major Resistance Levels – $41,350, $41,500 and $41,800.

Leave A Reply

Your email address will not be published.