TA: Bitcoin Turns Green, Why Close Above $40K Is Crucial
July 29 2021 - 11:08PM
NEWSBTC
Bitcoin price is trading in a positive zone above the $39,000 level
against the US Dollar. BTC must settle above $40,000 for a
sustained upward move in the near term. Bitcoin is trading
positively above the $38,500 and $38,800 support levels. The price
is still trading well above $39,000 and the 100 hourly simple
moving average. There is a major bullish trend line forming with
support near $39,000 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair is likely to accelerate higher if it
settles above $40,200 and $40,500. Bitcoin Price Could Gain
Momentum Bitcoin price remained well bid above the $38,200 support
zone. BTC started a steady increase and it even broke the $39,000
level and the 100 hourly simple moving average. However, the bulls
are struggling to gain strength above the $40,000 zone. The last
high was formed near $40,920 before there was a minor downside
correction. The price corrected below the $40,000 support level.
There was a break below the 23.6% Fib retracement level of the
upward wave from the $36,340 swing low to $40,920 high. The price
even traded below $39,500, but the bulls were active above the
$39,000 support. There is also a major bullish trend line forming
with support near $39,000 on the hourly chart of the BTC/USD pair.
The price is also trading nicely above the 50% Fib retracement
level of the upward wave from the $36,340 swing low to $40,920
high. On the upside, an initial resistance is near the $40,200
level. The first key resistance is near the $40,500 level. Source:
BTCUSD on TradingView.com If there is an upside break above the
$40,500 resistance zone, there are chances of more upsides. The
next major resistance is near the $41,000 and $41,200 levels. A
close above $41,200 could trigger a steady increase towards the
$43,500 level. Dip Supported in BTC? If bitcoin fails to climb
above the $40,200 and $40,500 resistance levels, it could start a
downside correction. An initial support on the downside is near the
$39,200 level. The first major support is now near the $39,000 zone
and the 100 hourly SMA. A clear downside break below the trend line
and $39,000 might call for a move towards the $38,000 level. The
next major support is near the $37,800 zone. Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $39,200, followed by
$39,000. Major Resistance Levels – $40,200, $40,500 and $42,000.
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bitcoin (COIN:BTCUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024