Bitcoin Overcomes Hurdles, Why BTC Could Regain Momentum
Bitcoin extended decline and tested the $38,200 zone. BTC started a major recovery wave and climbed above the $40,000 resistance. Bitcoin price remained in a bearish zone after it broke the $39,200 support. BTC extended decline below the $38,500 level, but the bulls were active near the $38,200 level.
A low was formed near $38,200 and the price started a major increase. The price climbed higher above the $39,200 and $39,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USDT pair. Bitcoin is now back above below $40,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $40,550 level. The next key resistance could be $40,950. If there is a clear move above the $40,950 and $41,000 levels, the price could continue to rise. In the stated case, the price could even surpass the $41,200 resistance. The next major resistance may perhaps be near the $41,800 zone. If bitcoin fails to clear the $41,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,000 level.
The next major support is seen near the $39,800 level and the 100 hourly simple moving average. A close below the $39,800 support zone might start another decline. In the stated case, the price might decline to $39,000.
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 well above the 50 level.
Major Support Levels – $40,000, followed by $39,800.
Major Resistance Levels – $40,550, $40,950 and $41,800.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
A low was formed near $38,200 and the price started a major increase. The price climbed higher above the $39,200 and $39,500 resistance levels. Besides, there was a break above a major bearish trend line with resistance near $39,550 on the hourly chart of the BTC/USDT pair. Bitcoin is now back above below $40,000 and the 100 hourly simple moving average.
An immediate resistance on the upside is near the $40,550 level. The next key resistance could be $40,950. If there is a clear move above the $40,950 and $41,000 levels, the price could continue to rise. In the stated case, the price could even surpass the $41,200 resistance. The next major resistance may perhaps be near the $41,800 zone. If bitcoin fails to clear the $41,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,000 level.
The next major support is seen near the $39,800 level and the 100 hourly simple moving average. A close below the $39,800 support zone might start another decline. In the stated case, the price might decline to $39,000.
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 well above the 50 level.
Major Support Levels – $40,000, followed by $39,800.
Major Resistance Levels – $40,550, $40,950 and $41,800.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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