Bitcoin

Bitcoin price is showing positive signs above the $40,000 level against the US Dollar. BTC is likely to continue higher above $41,000 and $41,500 in the near term.

Bitcoin started a fresh increase above the $38,500 and $40,000 resistance levels.
The price is currently well above $38,500 and the 100 hourly simple moving average.
There is a key contracting triangle forming with resistance near $40,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a strong increase once it clears $40,600 and $41,000.

Bitcoin Price Turns Green
Bitcoin formed a base above the $38,000 pivot level and extended its upward move. BTC broke the $40,000 resistance zone and settled well above the 100 hourly simple moving average.
It traded as high as $41,128 before it started consolidating gains. It is now trading well above $38,500 and the 100 hourly simple moving average. An immediate support on the downside is near $39,650. It is close to the 23.6% Fib retracement level of the upward move from the $34,915 swing low to $41,128 high.
There is also a key contracting triangle forming with resistance near $40,600 on the hourly chart of the BTC/USD pair. If there is an upside break above the triangle resistance, there are chances of a steady increase above the $41,000 resistance.

Source: BTCUSD on TradingView.com
The first major resistance is near the $41,800 and $42,000 levels, above which the price likely to gain bullish momentum. The next resistance is near the $45,000 level.
Dips Supported in BTC?
If bitcoin fails to clear the $41,000 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level. The first major support is near the $39,600 level and the triangle lower trend line.
The main support is now forming near the $38,000 level. It is close to the 50% Fib retracement level of the upward move from the $34,915 swing low to $41,128 high. A downside break below the $38,000 support zone might call for a test of the key 100 hourly SMA.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 50 level.
Major Support Levels – $39,600, followed by $38,000.
Major Resistance Levels – $40,600, $41,000 and $42,000.

Ericka Turcotte

By Ericka Turcotte

I have worked in the financial sector for over 10 years and have a keen interest in cryptocurrency. I have been writing about crypto for the past two years and have become one of the most respected authors in the space. I have a deep understanding of how this new asset class works and am able to provide insights that are both interesting and useful to my readers.

bitcoin
Bitcoin (BTC) $ 16,158.48
ethereum
Ethereum (ETH) $ 1,170.01
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 293.83
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.383696
dogecoin
Dogecoin (DOGE) $ 0.094171
cardano
Cardano (ADA) $ 0.304536
matic-network
Polygon (MATIC) $ 0.816589
polkadot
Polkadot (DOT) $ 5.13
staked-ether
Lido Staked Ether (STETH) $ 1,152.52
shiba-inu
Shiba Inu (SHIB) $ 0.000009
dai
Dai (DAI) $ 0.996292
litecoin
Litecoin (LTC) $ 71.19
okb
OKB (OKB) $ 20.19
tron
TRON (TRX) $ 0.052735
solana
Solana (SOL) $ 13.29
uniswap
Uniswap (UNI) $ 5.25
avalanche-2
Avalanche (AVAX) $ 12.23
leo-token
LEO Token (LEO) $ 3.90
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 16,065.20
chainlink
Chainlink (LINK) $ 6.70
cosmos
Cosmos Hub (ATOM) $ 9.70
ethereum-classic
Ethereum Classic (ETC) $ 18.83
the-open-network
The Open Network (TON) $ 1.70
monero
Monero (XMR) $ 134.20
stellar
Stellar (XLM) $ 0.087464
bitcoin-cash
Bitcoin Cash (BCH) $ 107.76
algorand
Algorand (ALGO) $ 0.232173
quant-network
Quant (QNT) $ 112.79
crypto-com-chain
Cronos (CRO) $ 0.062300
filecoin
Filecoin (FIL) $ 4.19
apecoin
ApeCoin (APE) $ 3.75
vechain
VeChain (VET) $ 0.018276
near
NEAR Protocol (NEAR) $ 1.52
hedera-hashgraph
Hedera (HBAR) $ 0.048110
frax
Frax (FRAX) $ 0.998804
flow
Flow (FLOW) $ 1.10
internet-computer
Internet Computer (ICP) $ 3.85
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 41.92
eos
EOS (EOS) $ 0.893874
terra-luna
Terra Luna Classic (LUNC) $ 0.000158
theta-token
Theta Network (THETA) $ 0.910290
paxos-standard
Pax Dollar (USDP) $ 1.00
tezos
Tezos (XTZ) $ 0.966448
chain-2
Chain (XCN) $ 0.040304
chiliz
Chiliz (CHZ) $ 0.161238
the-sandbox
The Sandbox (SAND) $ 0.550094
aave
Aave (AAVE) $ 59.83