Bitcoin price continued the decline down to $38,200. Currently, BTC is recovering and has surpassed $40,000. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin had a dip all the way down to $38,000 but managed to find support.
- Currently, BTC is above $40,000 and the 1-hour candles are above the SMA100.
- On the 1-hour chart, we see a broken trendline at $39,550 which is crucial.
- It is likely for BTC to surpass $40,500 and $40,950 in short-term
Bitcoin Price Action Analysis
By losing the $39,200, BTC continued on the decline and even lost the $38,500 support level. However, the buyers supported the price at $38,200 which is the lowest recorded price in the past few hours. With that, Bitcoin price managed to bounce back with a recovery.
Subsequently, BTC surpassed the $39,200 and $39,500 resistance levels and moved above the 23.6% Fibonacci retracement level from the latest decline from $42,950 to $38,200. Furthermore, we can see on the 1-hour chart that the price has surpassed a key resistance level at $39,550. As of now, BTC is trading above $40,000 and the 1-hour candles are above the SMA100.
The first resistance level is at $40,550 which is near the 50% Fibonacci retracement level from the latest fall. After that, the $40,950 and of course the $41,000 will be next. In case of a successful breakthrough, the $41,200 and $41,800 will be the next levels for Bitcoin.
On the other hand, if Bitcoin price fails to surpass $41,000, there could be a new downtrend. In that case, the $40,000 will be the primary support level. Following that, the $39,800 and the SMA100 will be the next ones down the line. In case BTC closes below $39,800, there could be a new downtrend which would bring the price below $39,000.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward momentum.
RSI: the 1-hour relative strength index is currently above 50.
Resistance levels: Right now, the $47,000, $48,000 and $50,000 are the crucial resistance levels for BTC.
Support levels: The $46,200 and $45,150 are currently the key support levels for the price.
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