Today, Bitcoin price surpassed the $35,000 with a sharp jump. BTC chart holds promise for further growth and there is a solid chance of breaking through $40,000 at this time. Here is a summary of how BTC is doing:
- With a strong upward trend, BTC successfully broke through the $33,00 and $35,000 resistance levels
- As of right now, Bitcoin price is well above the 36,000 and the price candles are located above the SMA100
- For the 1-hour chart, a strong bullish trend is formed. The important resistance level for this trend is at $35,500. Also, the crucial support level is at $31,250
- There is a possibility of price correction. However, it is most likely that the price stabilizes at around $37,000
It seems that the $32,000 price point provided an excellent support for the price and managed to encourage buyers, which initially cause a strong bullish movement.
With the bullish trend, Bitcoin price broke through the $32,000 and $35,000 resistance levels. Furthermore, it surpassed the $38,000 and with that, it gained even more momentum and approached $40,000.
Having reached $39,721 at its peak, the price began correction. As of right now, Bitcoin price is closely located near the 23.6% Fibonacci retracement (from the latest growth from 33.904 to $39,723) at a price above the $35,000 and the price candles are above the SMA100.
Taking a look at the hourly chart, we can see a crucial upward price channel with its important resistance and support levels at $35,500 and $31,250. There are promising signs of Bitcoin price stabilizing at around $38,000. In case of further growth, the first resistance level will be around $39,000.
We can expect the first resistance level to be at $39,500, yet the important one will be the $40,000. Further growth will follow in case of breaking the $40k resistance. In that scenario, the chances of reaching $45,000 are high.
On the other hand, If BTC fails to break through the $39,500 and $40,000 resistance levels, a price correction will be expected. In that case, the first support level will be $37,000.
A crucial support level for Bitcoin price will be $36,800. If it fails to support the price, in short-term, the price could fall down to $36,000
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 81.
Resistance levels: The $39,000, $39,500 and $40,000 resistance levels are expected. In case of further growth.
Support levels: the $37,500 and $36,800 are the two important support levels that will cause further decline in case of failure to support.
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