Bitcoin turns green, why is it important to close above $40,000

Bitcoin price is trading in a positive zone above 39,000 USD against the U.S. dollar. BTC must be above 40,000 USD to continue to rise in the short term.

  • Bitcoin is actively trading above the USD 38,500 and USD 38,800 support levels.
  • The price is still well above US$39,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD currency pair (data feed from Kraken), a major bullish trend line is formed, and the support level is around 39,000 USD.
  • If the currency pair closes above US$40,200 and US$40,500, it may accelerate higher.

Bitcoin price may rise

Bitcoin price maintained a good bid above the $38,200 support area. BTC started Steady growth It even broke through the $39,000 level and the 100-hour simple moving average.

However, the bulls are struggling to gain strength above the $40,000 area. Before a slight downward correction, the last high was formed near $40,920. The price corrected below the $40,000 support level.

Break below the 23.6% Fibonacci retracement level Rising wave From a low of $36,340 to a high of $40,920. The price is even below $39,500, but the bulls are active above the $39,000 support level. On the hourly chart of the BTC/USD currency pair, there is also a major bullish trend line formed, and the support level is around 39,000 USD.

The price is also well above the 50% Fibonacci retracement level of the upward wave from the swing low of $36,340 to the high of $40,920. On the bright side, the initial resistance is near $40,200. The first key resistance is near $40,500.

Source: BTCUSD on TradingView.com

If there is an upside break above the $40,500 resistance level, there may be more upside. The next major resistance is near 41,000 USD and 41,200 USD. A closing price above US$41,200 may trigger a steady rise to the level of US$43,500.

Bitcoin supports immersion?

If Bitcoin fails to break the resistance levels of $40,200 and $40,500, it may start a downward correction. The initial support for the downside is around $39,200.

The first major support level is now close to the $39,000 area and the 100-hour moving average. A clear downside break below the trend line and $39,000 may require a move to the level of $38,000. The next major support is near 37,800 USD.

Technical index:

Hourly MACD-MACD is slowly accelerating in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

The main support level is $39,200, followed by $39,000.

The main resistance levels-40,200 USD, 40,500 USD and 42,000 USD.

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