TA: Bitcoin is signaling an upward continuation, why can BTC go higher?

Bitcoin price is showing positive signs above the $40,000 level against the US Dollar. BTC is likely to stay above $41,000 and $41,500 in the near term. Bitcoin started another surge above the $38,500 and $40,000 resistance levels. The price is currently well above $38,500 and the 100 simple hourly moving average. There is a key contracting triangle forming with resistance near $40,600 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start posting strong gains once it crosses USD 40,600 and USD 41,000. Bitcoin Price Turns Green Bitcoin formed a bottom above the $38,000 pivot level and expanded its upward move. BTC broke the $40,000 resistance zone and settled well above the 100 hourly simple moving average. It hit as high as $41,128 before it started consolidating gains. It is currently trading well above $38,500 and the 100 hourly simple moving average. An immediate support on the downside is near $39,650. It is close to the 23.6% Fib retracement level of the upward move from the $34,915 high to $41,128 high. There is also a key contracting triangle forming with resistance near USD 40,600 on the hourly chart of the BTC/USD pair. If there is an upside break above the triangle resistance, there are chances of a steady rise above the $41,000 resistance. Source: BTCUSD on TradingView.com The first major resistance is near the $41,800 and $42,000 levels, above which the price is likely to gain bullish momentum. The next resistance is near the $45,000 level. Are dips supported in BTC? If bitcoin fails to break the $41,000 resistance, it could trigger a downside correction. An initial support on the downside is near the $40,000 level. The first major support is near the $39,600 level and the lower trend line of the triangle. The main support is currently forming near the USD 38,000 level. It is close to the 50% Fib retracement level of the upward move from the $34,915 high to $41,128 high. A Drop Below the $38,000 Support Zone

Join the Discussion

  • BrokerEUR/USD
    CMC Markets 0.7pips. (variable) margin: 3.33%
    LCG 0.3pips (variable) margin: 3.33%
  • Back to top