Ta: bitcoin is going Yesil, why a close of over 40k is so important

Bitcoin’s price is trading in positive territory above the $ 39,000 level against the US dollar. BTC must settle above $ 40,000 for a sustainable upward movement in the near term.

Bitcoin is trading positively above support levels of $ 38,500 and $ 38,800.
The price is still $ 39,000 and well above the 100-hour simple moving average.
On the hourly chart of the BTC / USD pair, there is a large upward trend line that supports $ 39,000 (data flow from the Kraken).
If the pair rise above $ 40,200 and $ 40,500, it will likely accelerate higher.

Bitcoin Price May Gain Momentum
The price of Bitcoin continued to rise well above the support area of $ 38,200. BTC launched steady growth and even broke the $ 39,000 level and 100-hour simple moving average.

However, the Bulls are struggling to gain strength in the $ 40,000 zone. The final high was set around $ 40,920 before a small downward correction was made. The price was set below the support level of $ 40,000.

It was 23.6% below the Fibonacci correction level, a break from a low of $ 36,340 to $ 40,920. The price traded below $ 39,500, but the Bulls were active above the $ 39,000 support. On the hourly chart of the BTC / USD pair, there is a large upward trend line with support around $ 39,000.

The price is trading well above the 50% Fibonacci correction level, from a Tuesday high of $ 36,340 to a high of $ 40,920. On the plus side, initial resistance is close to $ 40,200. The initial key resistance is near the $ 40,500 level.

Source: BTCUSD on TradingView.com
If a reverse break occurs above the $ 40,500 resistance zone, there is a chance that there will be a more positive side. The next big resistance is near the $ 41,000 and $41,200 levels. Above about $ 41,200, it can provide steady growth of up to $ 43,500.

Is dip supported in BTC?
If Bitcoin fails to rise above resistance levels of $40, 200 and $40, 500, it may begin a downward correction. First back support I

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