{"id":464157,"date":"2021-05-20T03:08:42","date_gmt":"2021-05-20T03:08:42","guid":{"rendered":"https:\/\/uniquehot.com\/?p=464157"},"modified":"2024-06-11T13:55:52","modified_gmt":"2024-06-11T13:55:52","slug":"bitcoin-btc-bullish-reversal-above-40k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-bullish-reversal-above-40k\/","title":{"rendered":"Bitcoin TA: Here\u2019s What Could Trigger A Bullish Reversal Above $40K"},"content":{"rendered":"
Bitcoin price was dumped yesterday by over 20% against the US Dollar. BTC is recovering from $30K and it might attempt a bullish reversal above $40K.<\/em><\/p>\n Bitcoin failed to stay above the $42,000 and $42,000 support levels. BTC tumbled over 20%<\/a> and it broke many important supports near $35,000. There was also a spike below the $32,000 support zone.<\/p>\n A low was formed near the $29,750 and the price is now correcting higher. It broke the $35,000 resistance zone. There was also a break above the 50% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low.<\/p>\n However, the price is trading well below $42,000 and the 100 hourly simple moving average<\/a>. An immediate resistance is near the $39,000 level.<\/p>\n There is also a crucial bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC\/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low.<\/p>\n <\/a><\/p>\n A successful break above the trend line resistance could set the pace for a strong move above the $40,000 resistance. The next major resistance is near the $42,000 level. A close above the $42,000 level could set the pace for a strong rally in the coming sessions. The next major resistance sits near the $46,000 level.<\/p>\n If bitcoin fails to clear the $39,200 and $40,000 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $36,000 level.<\/p>\n The first major support is now forming near the $34,000 zone. A downside break below the $34,000 support could start a fresh decline towards the main $30,000 support zone in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to surpass the 50 level.<\/p>\n Major Support Levels \u2013 $36,000, followed by $34,000.<\/p>\n Major Resistance Levels \u2013 $39,000, $40,000 and $42,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price was dumped yesterday by over 20% against the US Dollar. BTC is recovering from $30K and it might attempt a bullish reversal above $40K. Bitcoin tumbled below the $40,000 and $35,000 support levels. The price is now trading well below $42,000 and the 100 hourly simple moving average. There is a crucial bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to start a strong bullish move if there is a break above $40,000. Bitcoin Price Starts Recovery Bitcoin failed to stay above the $42,000 and $42,000 support levels. BTC tumbled over 20% and it broke many important supports near $35,000. There was also a spike below the $32,000 support zone. A low was formed near the $29,750 and the price is now correcting higher. It broke the $35,000 resistance zone. There was also a break above the 50% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low. However, the price is trading well below $42,000 and the 100 hourly simple moving average. An immediate resistance is near the $39,000 level. There is also a crucial bearish trend line forming with resistance near $39,000 on the hourly chart of the BTC\/USD pair. The trend line is close to the 61.8% Fib retracement level of the recent drop from the $45,775 swing high to $29,750 swing low. Source: BTCUSD on TradingView.com A successful break above the trend line resistance could set the pace for a strong move above the $40,000 resistance. The next major resistance is near the $42,000 level. A close above the $42,000 level could set the pace for a strong rally in the coming sessions. The next major resistance sits near the $46,000 level. Fresh Drop in BTC? If bitcoin fails to clear the $39,200 and $40,000 resistance levels, there is a risk of a fresh decline. An initial support on the downside is near the $36,000 level. The first major support is now forming near the $34,000 zone. A downside break below the $34,000 support could start a fresh decline towards the main $30,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is likely to surpass the 50 level. Major Support Levels \u2013 $36,000, followed by $34,000. Major Resistance Levels \u2013 $39,000, $40,000 and $42,000.<\/p>\n","protected":false},"author":67,"featured_media":464159,"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-464157","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 Starts Recovery<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Drop in BTC?<\/h2>\n