steady increase<\/a>. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term.<\/p>\nFresh Decline in BTC?<\/h2>\n If bitcoin fails to climb above the $40,750 and $41,500 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $49,000 level.<\/p>\n
The first major support is now near the $39,500 zone. It is near the 50% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. A clear downside break below the $39,500 support might lead the price towards the $38,500 support.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels \u2013 $39,500, followed by $38,500.<\/p>\n
Major Resistance Levels \u2013 $40,500, $40,750 and $41,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price started a fresh increase above the $38,500 resistance zone against the US Dollar. BTC even broke $40,000 and it is now correcting gains. Bitcoin gained traction above the $38,500 and $39,500 resistance levels. The price is now trading above $40,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is correcting gains, but the bulls are likely to remain active near $39,000. Bitcoin Price Turns Green Bitcoin price formed a base above the $37,600 level and started a fresh increase. BTC broke the key $38,500 resistance level to move into a positive zone. The price even broke the $39,000 resistance level and settled well above the 100 hourly simple moving average. Finally, there was a break above the $40,000 resistance zone. There was also a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC\/USD pair. The price traded as high as $41,395 before there was a downside correction. Bitcoin traded below the $40,500 support level. There was a break below the 23.6% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. It is now consolidating near the $40,000 support zone. On the upside, an initial resistance is near the $40,500 level. The first key resistance is near the $40,750 level and a connecting bearish trend line. Source: BTCUSD on TradingView.com Therefore, a close above the $40,750 resistance zone and the trend line might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term. Fresh Decline in BTC? If bitcoin fails to climb above the $40,750 and $41,500 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $49,000 level. The first major support is now near the $39,500 zone. It is near the 50% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. A clear downside break below the $39,500 support might lead the price towards the $38,500 support. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well above the 50 level. Major Support Levels \u2013 $39,500, followed by $38,500. Major Resistance Levels \u2013 $40,500, $40,750 and $41,500.<\/p>\n","protected":false},"author":67,"featured_media":458642,"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-468777","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
TA: Bitcoin Regains Strength, Why Bulls Eye Strong Rally above $40K<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n