Bitcoin returns over $ 40,000; What’s the next move?

The price of bitcoin fell below $ 39,000 yesterday after almost a month. The price reduction below this zone continued to be supported by buyers at $ 38,550, and Bitcoin is currently seeking further price recovery above the $ 40,000 level.

Bitcoin fell yesterday, falling below $ 40,000 and breaking support of $ 39,200, according to BT News. A little later, however, the price reached $ 38,570 at its lowest level.

The price started a new upward trend in the last hours and again managed to reach over 40,000 dollars. The uptrend broke the resistance of the downlink on the 1-hour chart at $ 40,220.

Currently, the price of bitcoin is over $ 40,000 and the average moving average of 100 hours (SMA 100 – red line in the photo) and the price even exceeded $ 41,000 at a time, but buyers managed to pass. They did not resist the $ 41,500 resistance.

The peak of the daily price is close to $ 4334 and the price is already a few percent. The current price position is close to the Fibonacci correction level of 23.6%. In this analysis, Fibonacci levels were determined based on an upward trend in the price of $ 38,570 to a peak of $ 4,334. If the uptrend continues, the closest price resistance will be at $ 41,000.

Bitcoin returns over $ 40,000;  What's the next move?
Bitcoin price chart (click on the image to see the original size)

The $ 4,350 level may be the next key resistance to bitcoin, and $ 4,500 is still the main resistance that buyers need to overcome. Crossing this resistance could be a spark to start a strong uptrend and jump to $ 42,500. Then we have to wait for the price to rise to the level of $ 43,200.

If bitcoin continues to fail to overcome the resistance of 41,500 dollars, the market may face another decline. In the event of a downtrend, the closest price support will be in the range of $ 40,250 and the usual moving average of 100 hours.

The next key support is $ 39,950, which is almost in the range of 50% Fibonacci. The cessation of this support may also be followed by a deeper decline in bitcoin to $ 39,000.

The MACD is out of range and the Relative Strength Index (RSI) is above the 50 level.

As mentioned, $ 40,250 and $ 39,950 are the key pillars for bitcoin, and $ 4,350, $ 41,500 and $ 42,500 also serve as price resistances.

Bitcoin returns over $ 40,000; What’s the next move? appeared first for currency.

Leave Your Comment

Your email address will not be published.

Supportscreen tag