Bitcoin might rally even further! The largest cryptocurrency shows upside continuation.
BTC price now shows positive signs on the $40,000 level. It is likely to continue higher over the $41,000 and $41,500 soon.
BTC Price is now turning green
Bitcoin established a base over the $38,000 pivot level and then extended its move upwards. BTC broke the $40,000 resistance zone then settled well over the 100 hourly simple moving average.
Before it began consolidating its gains, it traded as high as $41,128. Now, it is trading well over the $38,500 and the 100 hourly simple moving average. A quick support on the downside is close to $39,650. It is near the 23.6% Fib retracement level of the upward move from the $34,915 swing low to $41,128 high.
Alos, there is a key contracting triangle that forms with a resistance near $40,600 on the BTC/USD pair’s hourly chart. If ever there is an upside break over the triangle resistance, there are some chances of a steady increase over the $41,000 resistance.
The first main resistance is around the $41,800 and $42,000 levels. This is where the price seems to gain a bullish momentum. The next resistance is close to the $45,000 level.
Are dips supported in Bitcoin?
When Bitcoin fails to clear the $41,000 resistance, it might start a correction downwards. A first support on the downside is close to the $40,000 level. The first major support is around the $39,600 level and the triangle of lower trend line.
The major support now forms near the $38,000 level. It is near the 50% Fib retracement level of the move upwards from the $34,915 swing low to $41,128 high. A downside break lower than the $38,000 support zone could call for a test of the essential 100 hourly simple moving average.
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