{"id":464466,"date":"2021-05-26T03:08:10","date_gmt":"2021-05-26T03:08:10","guid":{"rendered":"https:\/\/wncen.com\/?p=464466"},"modified":"2024-06-11T13:55:58","modified_gmt":"2024-06-11T13:55:58","slug":"bitcoin-btc-could-rally-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-could-rally-40k\/","title":{"rendered":"Bitcoin TA: Technical Breakout Suggests BTC Could Rally Above $40K"},"content":{"rendered":"
Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term.<\/em><\/p>\n Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average.<\/p>\n A low was formed near $36,500 and the price started a fresh increase<\/a>. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low.<\/p>\n There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC\/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average<\/a>.<\/p>\n <\/a><\/p>\n An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move.<\/p>\n The next major resistance is near the $42,000 level. Any more gains could open the doors for a larger recovery towards the $45,000 level.<\/p>\n If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,200 level.<\/p>\n The first major support is still near the $37,000 zone and the 100 hourly SMA. If there is a downside break below the $37,000 support, the price could decline towards the $35,000 support zone in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 50 level.<\/p>\n Major Support Levels \u2013 $38,200, followed by $37,000.<\/p>\n Major Resistance Levels \u2013 $39,500, $40,000 and $42,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is holding gains above the $38,000 pivot level against the US Dollar. BTC is signaling more gains above the $40,000 resistance zone in the near term. Bitcoin is showing positive signs above the $37,000 and $38,000 resistance levels. The price is trading nicely above the $37,000 zone and the 100 hourly simple moving average. There was a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to accelerate higher above the $39,500 and $40,000 resistance levels. Bitcoin Price Aims Upside Break Bitcoin corrected lower after testing the $40,000 resistance zone. BTC declined below $38,000, but it remained supported near the $37,000 zone and the 100 hourly simple moving average. A low was formed near $36,500 and the price started a fresh increase. It broke the $37,000 and $38,000 resistance levels. There was a break above the 50% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. There was also a break above a key contracting triangle with resistance near $38,000 on the hourly chart of the BTC\/USD pair. The pair is now trading nicely above the $37,000 zone and the 100 hourly simple moving average. Source: BTCUSD on TradingView.com An immediate resistance is near the 76.4% Fib retracement level of the recent decline from the $40,155 swing high to $36,508 swing low. The main resistance is still near the $40,000 zone. A clear upside break above the $40,000 resistance zone could spark a strong upward move. The next major resistance is near the $42,000 level. Any more gains could open the doors for a larger recovery towards the $45,000 level. Dips Supported in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside correction. An initial support on the downside is near the $38,200 level. The first major support is still near the $37,000 zone and the 100 hourly SMA. If there is a downside break below the $37,000 support, the price could decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is well above the 50 level. Major Support Levels \u2013 $38,200, followed by $37,000. Major Resistance Levels \u2013 $39,500, $40,000 and $42,000.<\/p>\n","protected":false},"author":67,"featured_media":464468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-464466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Aims Upside Break<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Dips Supported in BTC?<\/h2>\n