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Analysis

Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline

Bitcoin began a contemporary improve above the $41,000 resistance towards the US Dollar. BTC is struggling close to $41,500, however it’s nonetheless above the $40,000 assist.

  • Bitcoin is buying and selling nicely above the $40,000 assist zone.
  • The price is buying and selling above $39,800 and the 100 hourly easy shifting common.
  • There is a key bullish pattern line forming with assist close to $40,050 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a pointy decline if there’s a clear transfer under the $39,000 assist.

Bitcoin Price Remains Supported

Bitcoin price remained under the $41,500 resistance degree. BTC shaped a excessive close to $41,470 and is presently shifting decrease. There was a decline under the $41,000 degree.

The price additionally traded under the 23.6% Fib retracement degree of the upward transfer from the $39,311 swing low to $41,470 excessive. However, the price continues to be buying and selling nicely above $39,800 and the 100 hourly easy shifting common.

It is buying and selling close to the 50% Fib retracement degree of the upward transfer from the $39,311 swing low to $41,470 excessive. There can also be a key bullish pattern line forming with assist close to $40,050 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

On the upside, the price is dealing with resistance close to the $41,000 degree. The subsequent main resistance might be close to the current excessive or $41,500. A profitable break and shut above the $41,500 degree may begin a gradual improve. In the acknowledged case, the price may rise in the direction of the $42,000 degree. Any extra positive aspects may ship the price in the direction of the $42,500 degree within the close to time period.

Downside Break in BTC?

If bitcoin fails to clear the $41,500 resistance zone, it may proceed to maneuver down. An rapid assist on the draw back is close to the $40,350 zone.

The subsequent main assist is seen close to the $40,000 degree and the pattern line. The most important assist continues to be close to the $39,000 zone and the 100 hourly easy shifting common. A draw back break under the $39,000 assist zone may begin a pointy decline. In this case, the price could maybe decline in the direction of the $37,500 degree.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now under the 50 degree.

Major Support Levels – $40,000, adopted by $39,000.

Major Resistance Levels – $41,000, $41,500 and $42,500.

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