The price of bitcoin is above the pivot level of $ 38,000 against the US dollar. BTC is indicating gains in the short term over the $ 40,000 resistance zone.
- Bitcoin is showing positive signs above resistance levels of $ 37,000 and $ 38,000.
- The price is trading well above the $ 37,000 area and above the 100-hour simple moving average.
- On the BTC / USD pair’s hourly chart there was a break above a major contraction triangle with resistance near $ 38,000 (data feed from Kraken).
- The pair is likely to rise rapidly above resistance levels of $ 39,500 and $ 40,000.
Bitcoin price target breaks upside down
Bitcoin fell short after testing the $ 40,000 resistance zone. BTC fell below $ 38,000, but it supported near the $ 37,000 zone and the 100-hour simple moving average.
A low near $ 36,500 was formed and the price started Fresh growth. It broke resistance levels of $ 37,000 and $ 38,000. The 50% Fibonacci retracement level of the recent decline was broken, falling from a high of $ 40,155 to a low of $ 36,508.
On the BTC / USD pair’s hourly chart, there was a break above $ 38,000 resistance, even above a major contraction triangle. The pair is now trading above the $ 37,000 area and 100-hour moving average.
Source: BTCUSD on TradingView.com
The immediate resistance is near the 76.4% Fibonacci retracement level which has recently fallen from a high of $ 40,155 to a low of $ 36,508. The main resistance is still near the $ 40,000 area. A clear upside break above the $ 40,000 resistance zone could lead to a strong upward move.
The next major resistance is near the $ 42,000 level. Any higher profits could open the door to a larger recovery toward the $ 45,000 level.
Dips supported in BTC?
If bitcoin fails to clear the resistance level of $ 40,000, there is a risk of downward correction. On the downside, initial support is near $ 38,200.
The first major support is still near the $ 37,000 zone and the 100-hour moving average. If the price breaks below the $ 37,000 support level, the price may fall in the short term to the $ 35,000 support area.
Hourly MACD – MACD is now rapidly gaining momentum in the region.
Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 50 level.
Major support level – $ 38,200, followed by $ 37,000.
Major resistance levels – $ 39,500, $ 40,000 and $ 42,000.