BTC Revives Back Above $40,000


After a successful break above $41,000, the Bitcoin price prediction extended its recovery to touch the daily high at $41,772.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $47,000, $49,000, $51,000

Support Levels: $37,000, $35,000, $33,000

BTCUSD – Daily Chart

For the past few days, BTC/USD experienced sharp declines in the crypto market as the price slumped to $38,550 support. The Bitcoin price is now hovering within the 9-day and 21-day moving averages as the king coin heads to the north. However, during a short-term breakout, critical support levels must be monitored as the first digital asset is not too far from the lower boundary of the channel.

Bitcoin Price Prediction: Would Bitcoin (BTC) Head to the North?

According to the daily chart, the Bitcoin price has increased by 1.18% since the beginning of the day to touch the daily high of $41,772. More so, the first digital cryptocurrency was linked to the early hours of Asia, thus consolidating the gains of the previous session. Therefore, a sustained movement towards the 21-day moving average could improve the technical situation in the long term.

On the upside, if there is an upside break above $43,000, the Bitcoin price could recover to $45,000. However, if the price increases and manages to close well above the 9-day and 21-day moving averages, traders could see an upward price explosion towards the potential resistance at $47,000, $49,000, and $51,000 levels as the Relative Strength Index (14) moves to cross above 50-level.

Conversely, there could be more losses if there is no break above the $42,000 level. Therefore, if there is a downside break below the lower boundary of the channel, the Bitcoin price may hit the s at $37,000, $35,000, and $33,000 respectively.

Cloudbet bonus

BTC/USD Medium-Term Trend: Bearish (4H Chart)

Looking at the 4-hour chart, BTC/USD should recover above $42,000 to mitigate the short-term bearish pressure so that it can allow for an extended recovery towards the resistance level of $43,500 and above. On the other hand, a bearish move below the current market level at $41,299 may open up the way towards $40,000.

BTCUSD – 4 Hour Chart

Nevertheless, the critical support could be located below the 9-day and 21-day moving averages, and a sustainable move lower may increase the downside pressure and push the price towards the support of $39,500 and below as the Relative Strength Index (14) signal line is reverting to the downside again, traders might expect few bearish signals within the market.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

68% of retail investor accounts lose money when trading CFDs with this provider

Read more:

Source link

You might also like
Leave A Reply

Your email address will not be published.