TA: Bitcoin has reached nearly $ 40k, why BTC is well supported

The price of Bitcoin has risen and even surpassed the $ 40,000 resistance against the US dollar. BTC corrects earnings but will likely remain steady at around $ 36,000.

Bitcoin began a sharp rise above resistance levels of $ 36,000 and $ 38,000.
The price is now well above the $ 36,000 and 100-hour simple moving average.
On the hourly chart of the BTC / USD pair, there is a large upward trend line, with support around 36 100 dollars and resistance around 31 250 dollars (kraken data channel).
The pair will trim growth, but will likely find strong support close to $ 36,000.

Bitcoin Price Corrects Profits
The price of Bitcoin began to rise strongly after breaking a key resistance zone of $ 35,000. This opened the door for sustained growth above the $ 36,500 level and the 100-hour simple moving average.

The price rose above the $ 38,000 level and eventually rose above the $ 40,000 resistance. However, the Bulls are struggling to keep the price above the $ 40,000 level. It hit a high of around $ 40,484, prompting a downward correction in the price.

It was a break below the $ 38,500 and $ 38,000 levels. Bitcoin fell 50% below the Fibonacci correction level, rising from $ 33,950 to $ 40,484.

Source: BTCUSD on TradingView.com
The price is currently consolidating near the support area of $ 37,000. On the hourly chart of the BTC / USD pair, there is a large upward trend line, with support around $ 36 100 and resistance around $ 31 250. On the plus side, initial resistance is near the $ 38,000 level.

The first big resistance is near the $ 38,500 level. The resistance president is still close to the $ 40,000 zone. A successful breakout and a close above the $ 40,000 level could lead to October growth in the near term.

Is diving limited in BTC?
If Bitcoin does not rise above resistance levels of $ 38,000 and $ 38,500, it may remain low. The initial support at the bottom is near the $ 36,500 level.

The first major boost is now close to the $ 36,000 zone. Deficit decline

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