TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control
July 28 2021 - 11:08PM
NEWSBTC
Bitcoin price remained in a positive zone above the $39,000 level
against the US Dollar. BTC is likely to climb further higher above
$40,500 and $41,000. Bitcoin is trading nicely above the $38,200
and $38,500 support levels. The price is now trading well above
$38,000 and the 100 hourly simple moving average. There is a key
contracting triangle forming with resistance near $40,200 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
is likely to gain bullish momentum if it clears $40,200 and
$40,500. Bitcoin Price Eyes More Upsides Bitcoin price started a
fresh increase from the $36,500 support zone. BTC remained well bid
above the $37,000 level and it gained pace above the $38,000 level.
The price even spiked above the $40,000 level and it settled above
the 100 hourly simple moving average. A high was formed near
$40,930 and the price is now consolidating gains. It corrected
below the $40,000 support level. There was a break below the 23.6%
Fib retracement level of the upward move from the $36,397 swing low
to $40,930 high. It is now holding the $39,000 support level. There
is also a key contracting triangle forming with resistance near
$40,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on
TradingView.com If there is an upside break above the $40,200
resistance zone, there are chances of more upsides. The next major
resistance is near the $40,800 and $41,000 levels. A close above
$41,000 could trigger a steady increase towards the $42,000 level.
Dip Supported in BTC? If bitcoin fails to climb above the $40,200
and $40,500 resistance levels, it could start another downside
correction. An initial support on the downside is near the $39,400
level and the triangle lower trend line. The first major support is
now near the $38,600 zone. It is near the 50% Fib retracement level
of the upward move from the $36,397 swing low to $40,930 high. A
clear downside break below the $38,600 support might call for a
move towards the $37,600 level. The next major support is near the
$37,200 zone. Technical indicators: Hourly MACD – The MACD is
likely to gain pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $38,600, followed by $38,000. Major
Resistance Levels – $40,200, $40,500 and $42,000.
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