Bitcoin Revisits $ 40,000: This Is Why BTC Is Attractive For Declines

Bitcoin's price gained bullish momentum above the $ 38,000 resistance against the US dollar. BTC is currently consolidating its earnings and is expected to continue to be supported at around $ 37,000. Bitcoin started a steady rise above the $ 37,000 and $ 38,000 resistance levels. The price is currently trading above the $ 37,000 area and the 100 hourly simple moving average. A short-term triangle with resistance near $ 39,500 is forming on the hourly chart of the BTC / USD pair (Kraken data stream). The pair may correct on the downside, but the bulls should hold the $ 37,000 area and the 100 hourly SMA. Bitcoin Price Turns Green Bitcoin continued to bid well above the $ 35,000 level and started rising again. BTC broke the key resistance area at $ 37,000 and the 100 hourly easy moving average to move into a positive area. The price even broke the $ 38,000 level and extended the upward move. The price even tested the $ 40,000 resistance zone and peaked around $ 40,021. It is now consolidating its earnings below the $ 40,000 and $ 39,500 levels. A short-term triangle is also forming with resistance around $ 39,500 on the hourly chart of the BTC / USD pair. Initial bearish support is near the $ 38,000 level. The 23.6% Fib retracement level of the last wave of the $ 31,000 – $ 40,000 swing zone is also near the $ 38,000 zone. Source: BTCUSD on TradingView.com To start rising further, the bitcoin price must cross the $ 39,500 and $ 40,000 resistance levels. The next major resistance is near the $ 41,500 level. More gains could open the door for a bigger recovery to the $ 45,000 level. Medium resistance is near the $ 43,200 level. Are the decreases limited in BTC? If Bitcoin does not lift the $ 40,000 resistance, there is a risk of a downward correction. Initial bearish support is near the $ 38,000 level. The first major support is currently forming near the $ 37,000 area and the 100 hourly SMA. A breakout below the $ 37,000 support could occur

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