Yet again, BTC price started a strong bullish trend after being supported at $36,400. Thankfully, There are numerous positive signs that this time, it can surpass $40,000.
Here is a summary of Bitcoin price in the past 24 hours.
- BTC managed to stabilize well above the $36,400 and $36,500 resistance levels.
- Currently, BTC price is above $37,000 and the hourly price candle are located above the SMA100.
- For the 1-hour chart, there is a strong bullish trend with a support at $36,500.
- There is a solid chance that the price moves beyond $40,000
Previously, during the price correction the price moved further away from $40,000. In the downward trend, the price broke the $38,000 support, yet managed to stay above the SMA100.
The buyer did a good job supporting the price at $36,400 and $36,500. The lowest price in the past hours has been $36,403 and currently it is moving up. In the bullish run, the $37,000 and $38,000 resistance levels were surpassed and the 50% Fibonacci retracement (from the latest fall from $40,520 to $36,400) is clearly crossed.
As of right now, Bitcoin price is well above $37,000 and the candles are above the SMA100. It seems that BTC has successfully stabilized above the 76.4% Fibonacci retracement level.
In the hourly chart, we have a strong upward trend with support at $36,800 formed. subsequently, In case of continuation, the first resistance level will be at $40,000. Following that, the $40,500 will be crucial. If the bullish trend continues, we can expect reaching $42,000 in short-term.
On the other hand, if Bitcoin price fails to break through the $40,000 and $40,500, a downward trend can occur. In that scenario, $39,200 will be the first support level.
The first important support level will be the $38,800. If broken, the price could fall as low as $37,500. The next notable support will be $37,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is approximately above 50.
Resistance levels: At this time, in case of further growth the $40,000, $40,500 and the $42,000 resistance levels are important.
Support levels: the $39,200 and $38,800 are the two important support levels that are crucial.
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