Bitcoin has accelerated above the $39,000 resistance level against the US Dollar. BTC has even tested $40,000 and is expected to continue rising in the near future. Bitcoin rose steadily above the $38,800 and $39,000 resistance levels. The price is now trading above the $39,000 level and the 100 hourly simple moving average. There was a break above a major bearish trend line with a Resistance near $38,475. Above $40,000 and $40,300, the pair might attempt additional gains.
The value of bitcoin is increasing
Bitcoin prices formed a solid base above the $37,500 level. BTC started a steady rise and managed to break the $38,500 resistance zone.
There was a break above a major bearish trend line with resistance near $38,475 on the hourly chart of the BTC/USD pair. The pair’s price settled above $39,000 and the 100 hourly simple moving average. Eventually, a move above the $40,000 resistance zone occurred.
The price made a high near $40,029 and it is now consolidating its gains. It is trading well above the 23.6 percent Fib retracement level of the recent wave, from the $37,507 swing low to the $40,029 high.
On the plus side, the Bitcoin-Price facing resistance near $40,000 level. The next significant resistance level could be around $40,300. A break above the $40,300 resistance level could boost market sentiment. In the scenario above, the price could steadily increase to $41,000. The next significant resistance level is around $41,500.
BTC dips accepted?
If bitcoin fails to break the $40,000 resistance level, it could start a downtrend. On the upside, there is immediate support near $39,500. The next significant support is seen near $39,000 (the recent breakout zone).
Any further losses may require a test of the 50% Fib retracement level of the last wave from the $37,507 low to the $40,029 high. A break below the $38,750 support level could pressure the bulls in the short-term. The next major supports are the 100 hourly simple moving average and $38,500. Much luck!
Source: Crypto News Deutsch