Bitcoin experienced a renewed rise above the $40,000 resistance to the US Dollar. BTC is supported, and could rally above $41,500 resistance.
- Bitcoin may keep rising and may regain the $40,000 mark.
- The 100-hourly simple moving average is at the same time above $40,200.
- On the hourly chart for the BTC/USD pair, there is an important bullish trendline with support close to $39,000. (Data feed from Kraken).
- While the pair could correct lower, bulls may remain active around the $40,000 mark.
Bitcoin’s Price remains High
Bitcoin prices soared to $41,500 before sellers were faced. BTC quickly reacted and dived to below the $40,000 mark.
The bulls were still active at the $39,000 area and 100 hourly simple moving mean. A major bullish trendline is also in place with support close to $39,850. This hourly chart shows the BTC/USD currency pair. Near $39,300 a low was reached and prices began to rise again. Clear movement was seen above $40,000 resistance.
Bitcoin went above $40,800. Bitcoin is consolidating close to the $41,000 resistance level. The 23.6% Fib Retracement Level of the Upward Move from $39,308 Low to $41,470 High was tested.
Source: BTCUSD at TradingView.com
Surprisingly, resistance is near $41,200. Near the $41,600 level, which is also the most recent high, could come next. Another rally could be possible if the price moves above $41,600. The price could rise to $42,500 in the above scenario. Price could rise to $43,200 if there are more gains.
BTC Supported Dips
Bitcoin could begin a downward correction if it fails to break the $41,600 resistance level. The $40,500 area is a support zone for the downside.
It is near the $40,000.00 level that will be the next support. This is just below the Fib retracement of 50% the upward move between the $41,470 high and $39,308 low. It is currently near the $40,000 area, but below that price could test $39,000.
Indicators technical
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major Support Levels – $40,500, followed by $40,000.
Major Resistance Levels – $41,200, $41,600 and $42,500.
