More

    Bitcoin Turns Green, Why Close Above $40K Is Crucial

    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.

    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) $ 47,067.00
    ethereum
    Ethereum (ETH) $ 3,379.58
    cardano
    Cardano (ADA) $ 2.33
    tether
    Tether (USDT) $ 0.998148
    binance-coin
    Binance Coin (BNB) $ 408.15
    xrp
    XRP (XRP) $ 1.06
    solana
    Solana (SOL) $ 140.36
    polkadot
    Polkadot (DOT) $ 33.50
    dogecoin
    Dogecoin (DOGE) $ 0.240054
    usd-coin
    USD Coin (USDC) $ 1.00
    avalanche-2
    Avalanche (AVAX) $ 64.51
    terra-luna
    Terra (LUNA) $ 34.69
    binance-usd
    Binance USD (BUSD) $ 1.00
    chainlink
    Chainlink (LINK) $ 27.99
    uniswap
    Uniswap (UNI) $ 24.36
    litecoin
    Litecoin (LTC) $ 179.17
    bitcoin-cash
    Bitcoin Cash (BCH) $ 621.45
    algorand
    Algorand (ALGO) $ 1.94
    wrapped-bitcoin
    Wrapped Bitcoin (WBTC) $ 47,045.00
    cosmos
    Cosmos (ATOM) $ 33.41
    internet-computer
    Internet Computer (ICP) $ 55.50
    filecoin
    Filecoin (FIL) $ 84.36
    matic-network
    Polygon (MATIC) $ 1.33
    stellar
    Stellar (XLM) $ 0.319013
    tron
    TRON (TRX) $ 0.104668
    ftx-token
    FTX Token (FTT) $ 62.10
    vechain
    VeChain (VET) $ 0.112204
    ethereum-classic
    Ethereum Classic (ETC) $ 56.29
    dai
    Dai (DAI) $ 1.00
    theta-token
    Theta Network (THETA) $ 6.26
    compound-ether
    cETH (CETH) $ 67.87
    tezos
    Tezos (XTZ) $ 6.16
    eos
    EOS (EOS) $ 5.31
    okb
    OKB (OKB) $ 18.48
    pancakeswap-token
    PancakeSwap (CAKE) $ 21.47
    crypto-com-chain
    Crypto.com Coin (CRO) $ 0.188772
    elrond-erd-2
    Elrond (EGLD) $ 240.78
    aave
    Aave (AAVE) $ 359.54
    monero
    Monero (XMR) $ 258.97
    quant-network
    Quant (QNT) $ 348.20
    cdai
    cDAI (CDAI) $ 0.021700
    iota
    IOTA (MIOTA) $ 1.64
    bitcoin-cash-abc-2
    Bitcoin Cash ABC (BCHA) $ 237.50
    compound-usd-coin
    cUSDC (CUSDC) $ 0.022265
    ecash
    eCash (XEC) $ 0.000231
    staked-ether
    Lido Staked Ether (STETH) $ 3,353.49
    shiba-inu
    Shiba Inu (SHIB) $ 0.000008
    hedera-hashgraph
    Hedera Hashgraph (HBAR) $ 0.420049
    the-graph
    The Graph (GRT) $ 0.812982
    near
    Near (NEAR) $ 8.21