{"id":468335,"date":"2021-07-29T03:08:43","date_gmt":"2021-07-29T03:08:43","guid":{"rendered":"https:\/\/wncen.com\/?p=468335"},"modified":"2024-06-11T10:22:53","modified_gmt":"2024-06-11T10:22:53","slug":"bitcoin-bulls-remain-in-control-40k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-remain-in-control-40k\/","title":{"rendered":"TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control"},"content":{"rendered":"
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.<\/em><\/p>\n Bitcoin price started a fresh increase from the $36,500 support zone<\/a>. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level.<\/p>\n The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average<\/a>. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level.<\/p>\n 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.<\/p>\n <\/a><\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is likely to gain pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $38,600, followed by $38,000.<\/p>\n Major Resistance Levels \u2013 $40,200, $40,500 and $42,000.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 \u2013 The MACD is likely to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $38,600, followed by $38,000. Major Resistance Levels \u2013 $40,200, $40,500 and $42,000.<\/p>\n","protected":false},"author":67,"featured_media":462414,"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-468335","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 Eyes More Upsides<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Dip Supported in BTC?<\/h2>\n