Bitcoin trading is above $41,000 against US Dollar, reversing its losses. BTC might gain bullish momentum at $41,350 to $41,500.
- Bitcoin prices remained high above $39,250 but have seen a new increase.
- Now, the price trades above $41,000. The 100-hourly simple moving average is also in play.
- On the hourly chart for the BTC/USD pair, there was a break of the connecting bearish line. Resistance near $40,000 was seen (data feed Kraken).
- If the resistance level of $41,500 is broken, then this could allow for a move that would accelerate the pair.
Bitcoin Price Takes a Break
The Bitcoin price was well above the $39250 support area. BTC created a foundation and launched a new rise above the $40,000 resistance.
The bulls gained more strength, and the price soared above $40,000. The Fib retracement level at 23.6% of the main fall from $43,415 swing high to $39,240 low was exceeded. A break was also seen above the connecting bearish trendline with resistance at $40,000, on the hourly charts of BTC/USD.
Even breaking the $41,000 resistance level, the pair settled higher than the 100-hourly simple moving average. The $41,350 level is the immediate resistance.
Near the $41,350 area is the 50% Fib Retracement level for the major drop from $43,415 swing high to $39,240 low. There could be $41,500 as the next major resistance. The price may accelerate if the bulls are able to break the resistance levels of $41,350 or $41,500.
Source: BTCUSD at TradingView.com
The price could rise to the $41,800 level in the above scenario. In the short term, any further gains may set the stage for a push towards $42,500.
BTC – Another decline
Bitcoin could begin a new decline if it fails to break the $41,500 resistance level. Near the $41,000 mark, there is immediate support for the downside.
Near the $40,550 mark is the next significant support. Losses could be accelerated by a downside breakout below the $40550 support level. The price of the stock could fall to $40,000 or $39,250 in the above scenario.
Indicators technical
Hourly MACD – The MACD is now 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 – $41,000, followed by $40,550.
Major Resistance Levels – $41,350, $41,500 and $41,800.