{"id":464675,"date":"2021-05-28T03:08:34","date_gmt":"2021-05-28T03:08:34","guid":{"rendered":"https:\/\/wncen.com\/?p=464675"},"modified":"2024-06-11T11:28:35","modified_gmt":"2024-06-11T11:28:35","slug":"bitcoin-remains-in-range-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-remains-in-range-40k\/","title":{"rendered":"TA: Bitcoin Remains In Range, Here\u2019s What Could Trigger A Strong Move"},"content":{"rendered":"
Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500.<\/em><\/p>\n Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance<\/a>. However, BTC failed to continue higher and it remained in a key range below $40,500.<\/p>\n The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average<\/a>.<\/p>\n There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC\/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000.<\/p>\n <\/a><\/p>\n On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term.<\/p>\n If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level.<\/p>\n The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n Major Support Levels \u2013 $37,000, followed by $36,000.<\/p>\n Major Resistance Levels \u2013 $39,500, $40,000 and $40,500.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is still struggling to clear $40,000 and $41,000 against the US Dollar. BTC could decline heavily if there is a clear break below $37,000 and $36,500. Bitcoin is still struggling to clear the $40,000 and $40,500 resistance levels. The price is currently trading near $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could decline heavily if it settles below the $37,000 support and the 100 hourly SMA. Bitcoin Price is Facing Key Hurdles Bitcoin made another attempt to gain bullish momentum above the $40,000 resistance. However, BTC failed to continue higher and it remained in a key range below $40,500. The last swing high was formed near $40,923 before the price started moving in a range. It corrected lower below the 23.6% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. The price is now trading near $38,000 and the 100 hourly simple moving average. There is also a key contracting triangle forming with support near $37,500 on the hourly chart of the BTC\/USD pair. If bitcoin stays above the triangle support trend line, it could start a fresh increase above $39,000. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $39,200 level. The first major resistance is near the $40,000 level and the triangle upper trend line. A close above the triangle resistance could open the doors for a sharp increase above the $40,500 and $40,600 resistance levels in the near term. More Losses in BTC? If bitcoin fails to clear the $40,000 resistance, there is a risk of a downside break. An initial support on the downside is near the $37,500 level. The first major support is near the $36,000 pivot level. It is near the 50% Fib retracement level of the upward move from the $31,088 swing low to $40,923 high. If there is a downside break below the $36,000 support, the price could decline towards the $34,000 support zone in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is slowly gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $37,000, followed by $36,000. Major Resistance Levels \u2013 $39,500, $40,000 and $40,500.<\/p>\n","protected":false},"author":67,"featured_media":464677,"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-464675","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 is Facing Key Hurdles<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
More Losses in BTC?<\/h2>\n