More

    Here’s Why BTC Turned Attractive On Dips

    Bitcoin price gained bullish momentum above the $38,000 resistance against the US Dollar. BTC is now consolidating gains and it is likely to remain supported near $37,000.

    Bitcoin started a steady increase above the $37,000 and $38,000 resistance levels.
    The price is now trading above the $37,000 zone and the 100 hourly simple moving average.
    There is a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could correct lower, but the bulls are likely to protect the $37,000 zone and the 100 hourly SMA.

    Bitcoin Price Turns Green
    Bitcoin remained well bid above the $35,000 level and it started a fresh increase. BTC broke the key $37,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.
    The price even broke the $38,000 level and extended its upward move. The price even tested the $40,000 resistance zone and a high is formed near $40,021. It is now consolidating gains below the $40,000 and $39,500 levels.
    There is also a short-term contracting triangle forming with resistance near $39,500 on the hourly chart of the BTC/USD pair. An initial support on the downside is near the $38,000 level. The 23.6% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone is also near the $38,000 area.

    Source: BTCUSD on TradingView.com
    To start a fresh increase, bitcoin price must clear the $39,500 and $40,000 resistance levels. The next major resistance is near the $41,500 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. An intermediate resistance is near the $43,200 level.
    Dips Limited in BTC?
    If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,000 level.
    The first major support is now forming near the $37,000 zone and the 100 hourly SMA. A downside break below the $37,000 support could lead the price towards the $35,550 support zone. It is near the 50% Fib retracement level of the recent wave from the $31,000 swing low to $40,000 zone.
    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 moving lower towards the 50 level.
    Major Support Levels – $38,000, followed by $37,000.
    Major Resistance Levels – $39,500, $40,000 and $41,500.

    Related articles

    Comments

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Share article

    Latest articles

    Newsletter

    Subscribe to stay updated.

    bitcoin
    Bitcoin (BTC) $ 41,209.00
    ethereum
    Ethereum (ETH) $ 2,441.19
    tether
    Tether (USDT) $ 0.999312
    binance-coin
    Binance Coin (BNB) $ 327.79
    cardano
    Cardano (ADA) $ 1.30
    xrp
    XRP (XRP) $ 0.740199
    usd-coin
    USD Coin (USDC) $ 0.999534
    dogecoin
    Dogecoin (DOGE) $ 0.206870
    polkadot
    Polkadot (DOT) $ 16.28
    binance-usd
    Binance USD (BUSD) $ 0.999094
    uniswap
    Uniswap (UNI) $ 21.15
    bitcoin-cash
    Bitcoin Cash (BCH) $ 538.86
    litecoin
    Litecoin (LTC) $ 142.40
    chainlink
    Chainlink (LINK) $ 21.37
    solana
    Solana (SOL) $ 33.93
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 41,177.00
    stellar
    Stellar (XLM) $ 0.286244
    matic-network
    Polygon (MATIC) $ 1.04
    ethereum-classic
    Ethereum Classic (ETC) $ 50.37
    theta-token
    Theta Network (THETA) $ 6.05
    internet-computer
    Internet Computer (ICP) $ 41.81
    vechain
    VeChain (VET) $ 0.087132
    dai
    Dai (DAI) $ 0.999851
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022102
    okb
    OKB (OKB) $ 18.22
    filecoin
    Filecoin (FIL) $ 51.36
    cdai
    cDAI (CDAI) $ 0.021560
    tron
    TRON (TRX) $ 0.063496
    terra-luna
    Terra (LUNA) $ 10.64
    monero
    Monero (XMR) $ 234.92
    aave
    Aave (AAVE) $ 314.47
    eos
    EOS (EOS) $ 4.03
    compound-ether
    cETH (CETH) $ 48.98
    ftx-token
    FTX Token (FTT) $ 34.43
    amp-token
    Amp (AMP) $ 0.073385
    cosmos
    Cosmos (ATOM) $ 12.54
    neo
    NEO (NEO) $ 45.90
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.127376
    pancakeswap-token
    PancakeSwap (CAKE) $ 15.61
    shiba-inu
    Shiba Inu (SHIB) $ 0.000006
    the-graph
    The Graph (GRT) $ 0.612656
    leo-token
    LEO Token (LEO) $ 3.03
    algorand
    Algorand (ALGO) $ 0.834278
    celsius-degree-token
    Celsius Network (CEL) $ 6.18
    bitcoin-sv
    Bitcoin SV (BSV) $ 139.04
    maker
    Maker (MKR) $ 2,879.10
    klay-token
    Klaytn (KLAY) $ 1.04
    tezos
    Tezos (XTZ) $ 3.01
    iota
    IOTA (MIOTA) $ 0.872650
    axie-infinity
    Axie Infinity (AXS) $ 42.88