Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control

Bitcoin price remained in a positive zone above the $39,000 level against the US Dollar. BTC is likely to climb further higher above $40,500 and $41,000.

Bitcoin is trading nicely above the $38,200 and $38,500 support levels.
The price is now trading well above $38,000 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to gain bullish momentum if it clears $40,200 and $40,500.

Bitcoin Price Eyes More Upsides
Bitcoin price started a fresh increase from the $36,500 support zone. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level.
The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level.
There was a break below the 23.6% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. It is now holding the $39,000 support level. There is also a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If there is an upside break above the $40,200 resistance zone, there are chances of more upsides. The next major resistance is near the $40,800 and $41,000 levels. A close above $41,000 could trigger a steady increase towards the $42,000 level.
Dip Supported in BTC?
If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,400 level and the triangle lower trend line.
The first major support is now near the $38,600 zone. It is near the 50% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. A clear downside break below the $38,600 support might call for a move towards the $37,600 level. The next major support is near the $37,200 zone.
Technical indicators:
Hourly MACD – The MACD is likely to gain pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $38,600, followed by $38,000.
Major Resistance Levels – $40,200, $40,500 and $42,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 66,311.77
ethereum
Ethereum (ETH) $ 3,172.89
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 602.11
solana
Solana (SOL) $ 154.29
usd-coin
USDC (USDC) $ 0.999273
xrp
XRP (XRP) $ 0.550698
staked-ether
Lido Staked Ether (STETH) $ 3,171.82
dogecoin
Dogecoin (DOGE) $ 0.158103
the-open-network
Toncoin (TON) $ 5.56
cardano
Cardano (ADA) $ 0.510768
shiba-inu
Shiba Inu (SHIB) $ 0.000027
avalanche-2
Avalanche (AVAX) $ 38.58
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 66,347.78
bitcoin-cash
Bitcoin Cash (BCH) $ 510.28
polkadot
Polkadot (DOT) $ 7.39
tron
TRON (TRX) $ 0.112251
chainlink
Chainlink (LINK) $ 15.37
near
NEAR Protocol (NEAR) $ 6.90
internet-computer
Internet Computer (ICP) $ 14.78
matic-network
Polygon (MATIC) $ 0.730537
litecoin
Litecoin (LTC) $ 84.62
uniswap
Uniswap (UNI) $ 8.11
leo-token
LEO Token (LEO) $ 5.76
dai
Dai (DAI) $ 1.00
blockstack
Stacks (STX) $ 3.06
aptos
Aptos (APT) $ 9.89
ethereum-classic
Ethereum Classic (ETC) $ 27.96
mantle
Mantle (MNT) $ 1.20
first-digital-usd
First Digital USD (FDUSD) $ 0.998514
filecoin
Filecoin (FIL) $ 6.51
render-token
Render (RNDR) $ 9.13
immutable-x
Immutable (IMX) $ 2.40
crypto-com-chain
Cronos (CRO) $ 0.130507
cosmos
Cosmos Hub (ATOM) $ 8.82
bittensor
Bittensor (TAO) $ 510.59
stellar
Stellar (XLM) $ 0.116639
okb
OKB (OKB) $ 54.81
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,200.24
hedera-hashgraph
Hedera (HBAR) $ 0.088699
arbitrum
Arbitrum (ARB) $ 1.19
vechain
VeChain (VET) $ 0.041925
kaspa
Kaspa (KAS) $ 0.128435
pepe
Pepe (PEPE) $ 0.000007
the-graph
The Graph (GRT) $ 0.296630
dogwifcoin
dogwifhat (WIF) $ 2.77
maker
Maker (MKR) $ 2,835.77
optimism
Optimism (OP) $ 2.50
fetch-ai
Fetch.ai (FET) $ 2.42
injective-protocol
Injective (INJ) $ 28.03