TA: Bitcoin Surges To $40K, Why BTC Could Rally Further
26 Juli 2021 - 5:48AM
NEWSBTC
Bitcoin price started a strong upward move above the $35,000
resistance against the US Dollar. BTC is showing positive signs and
it could rally further above $40,000. Bitcoin started a strong
increase above the $33,000 and $35,000 resistance levels. The price
is now trading well above $35,000 and the 100 hourly simple moving
average. There is a key bullish trend line forming with support
near $35,500 with resistance near $31,250 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair could correct
gains, but the bulls are likely to remain active near $37,000.
Bitcoin Price Surges above $38,000 Bitcoin price found a strong
buying interest near the $32,000 zone. BTC formed a support base
near the $32,000 and it started a major upward move. The price
surged above the $32,000 and $35,500 resistance levels. There was a
clear break above the $38,000 resistance level. The upward move
gained strength and the price even traded close to the $40,000
resistance zone. A high was formed near $39,721 and the price is
now correcting gains. It is trading near the 23.6% Fib retracement
level of the recent rally from the $33,904 swing low to $39,723
high. Bitcoin is now trading well above $35,000 and the 100 hourly
simple moving average. There is also a key bullish trend line
forming with support near $35,500 with resistance near $31,250 on
the hourly chart of the BTC/USD pair. It is showing a lot of
positive signs near the $38,000 level. On the upside, an initial
resistance is near the $39,000 level. Source: BTCUSD on
TradingView.com The first major resistance is near the $39,500
level. The main resistance sits near $40,000. A successful break
and close above the $40,000 level could initiate a fresh rally in
the near term. In the stated case, the price is likely to move
towards the $42,500 level in the near term. Dip Supported in BTC?
If bitcoin fails to climb above the $39,500 and $40,000 resistance
levels, it could start a downside correction. An initial support on
the downside is near the $37,500 level. The first major support is
now near the $36,800 zone. A clear downside break below the $36,800
support may possibly push the price towards the $36,000 support
zone in the near term. Technical indicators: Hourly MACD – The MACD
is now losing pace in the bullish zone. Hourly RSI (Relative
Strength Index) – The RSI for BTC/USD is now well in the overbought
zone. Major Support Levels – $37,500, followed by $36,800. Major
Resistance Levels – $39,000, $39,500 and $40,000.
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