The price of bitcoin gained support near $36,400 and began a new upward trend versus the US dollar. BTC is showing indications of improvement, and it could rise above $40,000 in the near future.
Above the $36,400 and $36,500 support levels, bitcoin was well bid. The price has risen significantly above $37,000 and the 100 hourly simple moving average. On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support of about $36,800. (data feed from Kraken). In the short term, the pair is anticipated to acquire positive momentum over the $40,000 barrier zone.
Bitcoin’s Value Is Increasing
Bitcoin’s price has dropped below the $40,000 barrier level. Although BTC fell below the $38,000 support level, it remained far above the 100 hourly simple moving average.
Bulls were aggressive near support levels of $36,400 and $36,500. Near $36,403, a low was formed, and the price is now climbing. It shattered the $37,000 and $38,000 resistance levels. The negative move from the $40,520 swing high to the $36,400 swing low was clearly broken above the 50 percent Fib retracement line.
It’s currently trading over $37,000 and the 100 hourly simple moving average. The 76.4 percent Fib retracement level of the bearish move from the $40,520 swing high to the $36,400 swing low appears to be much above Bitcoin.
On the hourly chart of the BTC/USD pair, a major bullish trend line is forming with support of about $36,800. On the upside, the $40,000 level serves as an early resistance. Near the $40,500 mark, the first substantial resistance exists. In the short term, a good break and closure above the $40,500 mark might trigger a steady rise towards the $42,000 level.
In BTC, is there a limit to how much you can dip?
If bitcoin fails to break through the $40,000 and $40,500 resistance levels, it may begin a new downtrend. On the downside, near the $39,200 level, there is some initial support.
The first big support level is at around $38,800. A decisive break below the $38,800 support level might lead to a move towards $37,500. The next significant support zone is around $37,000.
Technical indicators are as follows: The MACD is now moving into the bullish zone on an hourly basis. RSI (Relative Strength Index) on an hourly basis — The RSI for BTC/USD is presently far over 50. Major Support Levels – $39,200, $38,800, $38,800, $38,800, $38,800, $38,800, $38,800, $38,800, $38, $40,000, $40,500, and $42,000 are the major resistance levels.