Bitcoin price found support near US$36,400 and started a new round of rise in the exchange rate against the US dollar. BTC is showing positive signs, and it may further rise above $40,000.
- Bitcoin maintains good bids above the support levels of $36,400 and $36,500.
- The price is now well above $37,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a key bullish trend line is formed, and the support is near $36,800.
- In the short term, the currency pair may gain bullish momentum above the $40,000 resistance level.
Bitcoin price rise
Bitcoin price Correction lower From the resistance zone of $40,000. BTC fell below the $38,000 support level, but it is still well above the 100-hour simple moving average.
The bulls are active near the USD 36,400 and USD 36,500 support levels. A low was formed near $36,403, and the price is now rising. It broke the $37,000 and $38,000 levels. From a swing high of $40,520 to a swing low of $36,400, it clearly broke through the 50% Fibonacci retracement level.
It is now trading at a price much higher than $37,000, 100 hour simple moving averageBitcoin seems to be well above the 76.4% Fib retracement of the downward movement from the $40,520 swing high to the $36,400 swing low.
Source: BTCUSD on TradingView.com
On the hourly chart of the BTC/USD currency pair, there is also a key bullish trend line formed, and the support level is near 36,800 USD. On the bright side, the initial resistance is near $40,000. The first major resistance is near $40,500. A successful breakthrough and closing above US$40,500 may trigger a steady rise to the level of US$42,000 in the short term.
Dip Limited BTC?
If Bitcoin fails to break through the USD 40,000 and USD 40,500 resistance levels, it may begin another downward correction. The initial support for the downside is around $39,200.
The first major support level is now close to the $38,800 area. A clear downside break below the $38,800 support level may require a move to the level of $37,500. The next major support is around 37,000 USD.
Hourly MACD – MACD is now accelerating in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.
The main support level is $39,200, followed by $38,800.
The main resistance levels-40,000 USD, 40,500 USD and 42,000 USD.