Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC

Bitcoin price formed a base above $35,000 and started a fresh increase against the US Dollar. BTC broke the $38,000 resistance and it even traded close to $40,000.

Bitcoin started a fresh increase above the $38,000 and $38,500 resistance levels.
The price is currently well above $38,000 and the 100 hourly simple moving average.
There was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could correct lower, but the bulls are likely to remain active near $38,000.

Bitcoin Price Gains Bullish Momentum
Bitcoin declined slowly, but the bulls were active near the $35,000 support zone. BTC formed a base above the $35,000 level and it recently started a strong increase.
There was a clear break above the $36,500 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC/USD pair.
The pair gained pace and it broke the key $38,000 resistance level. The upward move was such that the price traded close to the $40,000 level.

Source: BTCUSD on TradingView.com
A high was formed near $39,849 and the price is now correcting lower. It broke the $39,000 support level to start the current correction. An immediate support is near the $38,650 level. It is close to the 23.6% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high.
On the upside, an initial resistance is near the $39,200 level. The first major resistance is near the $39,800 and $40,000 levels, above which the price likely to gain bullish momentum. The next resistance is near the $42,000 level.
Dips Supported in BTC?
If bitcoin fails to clear the $39,800 resistance, it could start a downside correction. An initial support on the downside is near the $38,600 level.
The first major support is near the $38,000 level. The main support is now forming near the $37,500 level. It is close to the 50% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high. A downside break below the $37,500 support zone could push the price towards the 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower from the 75 level.
Major Support Levels – $38,000, followed by $37,500.
Major Resistance Levels – $39,500, $39,800 and $40,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 26,933.22
ethereum
Ethereum (ETH) $ 1,879.47
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 279.02
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.530182
staked-ether
Lido Staked Ether (STETH) $ 1,877.25
cardano
Cardano (ADA) $ 0.346465
dogecoin
Dogecoin (DOGE) $ 0.069740
solana
Solana (SOL) $ 20.17
matic-network
Polygon (MATIC) $ 0.807513
tron
TRON (TRX) $ 0.078631
litecoin
Litecoin (LTC) $ 90.38
polkadot
Polkadot (DOT) $ 5.18
avalanche-2
Avalanche (AVAX) $ 14.63
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000008
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 26,946.22
uniswap
Uniswap (UNI) $ 4.75
leo-token
LEO Token (LEO) $ 3.51
chainlink
Chainlink (LINK) $ 6.20
cosmos
Cosmos Hub (ATOM) $ 10.06
okb
OKB (OKB) $ 45.19
monero
Monero (XMR) $ 146.52
ethereum-classic
Ethereum Classic (ETC) $ 17.37
the-open-network
Toncoin (TON) $ 1.66
stellar
Stellar (XLM) $ 0.089236
bitcoin-cash
Bitcoin Cash (BCH) $ 113.86
lido-dao
Lido DAO (LDO) $ 2.36
true-usd
TrueUSD (TUSD) $ 1.00
internet-computer
Internet Computer (ICP) $ 4.37
filecoin
Filecoin (FIL) $ 4.34
quant-network
Quant (QNT) $ 116.68
aptos
Aptos (APT) $ 8.14
hedera-hashgraph
Hedera (HBAR) $ 0.049631
crypto-com-chain
Cronos (CRO) $ 0.059888
arbitrum
Arbitrum (ARB) $ 1.18
near
NEAR Protocol (NEAR) $ 1.51
vechain
VeChain (VET) $ 0.018539
apecoin
ApeCoin (APE) $ 3.01
the-graph
The Graph (GRT) $ 0.117582
paxos-standard
Pax Dollar (USDP) $ 0.999843
frax
Frax (FRAX) $ 1.00
eos
EOS (EOS) $ 0.888319
algorand
Algorand (ALGO) $ 0.135321
the-sandbox
The Sandbox (SAND) $ 0.518543
optimism
Optimism (OP) $ 1.47
rocket-pool
Rocket Pool (RPL) $ 48.59
elrond-erd-2
MultiversX (EGLD) $ 36.31