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{"id":484656,"date":"2022-02-28T03:28:20","date_gmt":"2022-02-28T03:28:20","guid":{"rendered":"https:\/\/uniquehot.com\/?p=484656"},"modified":"2024-06-11T14:17:47","modified_gmt":"2024-06-11T14:17:47","slug":"ta-why-bitcoin-must-close-above-40k-for-trend-reversal","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ta-why-bitcoin-must-close-above-40k-for-trend-reversal\/","title":{"rendered":"TA: Why Bitcoin Must Close Above $40K For Trend Reversal"},"content":{"rendered":"

Bitcoin is struggling to clear the $40,000 resistance zone against the US Dollar. BTC must settle above $40,000 to start a steady upward move.<\/em><\/p>\n

\n
Bitcoin struggled to clear the $40,000 resistance zone and corrected lower.<\/li>\n
The price is trading below $39,000 and the 100 hourly simple moving average.<\/li>\n
There was a break below a short-term contracting triangle with support near $38,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could start a major increase if there is a close above the $40,000 resistance zone.<\/li>\n<\/ul>\n
Bitcoin Price Faces Key Resistance<\/h2>\n
Bitcoin price remained in a positive zone<\/a> above the $38,00 pivot level. BTC even broke the $39,500 resistance level. The bulls made a couple of attempts to clear the $40,000 resistance zone, but they failed.<\/p>\n
The recent swing high was formed near $39,888 before there was a downside correction. There was a move below the $39,000 and $38,800 support levels. Besides, there was a break below a short-term contracting triangle with support near $38,800 on the hourly chart of the BTC\/USD pair.<\/p>\n
The pair is now trading below $39,000 and the 100 hourly simple moving average<\/a>. A low is formed near $37,028 and the price is consolidating losses.<\/p>\n
On the upside, an immediate resistance is near the $38,200 level and the 100 hourly SMA. The next key resistance is near the $38,500 level. It is near the 50% Fib retracement level of the downward move from the $39,888 swing high to $37,028 low.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The main resistance is now near the $38,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $39,888 swing high to $37,028 low. A clear move above the $38,800 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $40,000.<\/p>\n
Dips Limited in BTC?<\/h2>\n
If bitcoin fails to clear the $38,800 resistance zone, it could start a downside correction. An immediate support on the downside is near the $37,200 zone.<\/p>\n
The next major support is seen near the $36,400 level. If there is a downside break below the $36,400 support, the price might gain bearish momentum towards $35,000.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n
Major Support Levels \u2013 $37,200, followed by $36,400.<\/p>\n
Major Resistance Levels \u2013 $38,200, $38,800 and $40,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is struggling to clear the $40,000 resistance zone against the US Dollar. BTC must settle above $40,000 to start a steady upward move. Bitcoin struggled to clear the $40,000 resistance zone and corrected lower. The price is trading below $39,000 and the 100 hourly simple moving average. There was a break below a short-term contracting triangle with support near $38,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start a major increase if there is a close above the $40,000 resistance zone. Bitcoin Price Faces Key Resistance Bitcoin price remained in a positive zone above the $38,00 pivot level. BTC even broke the $39,500 resistance level. The bulls made a couple of attempts to clear the $40,000 resistance zone, but they failed. The recent swing high was formed near $39,888 before there was a downside correction. There was a move below the $39,000 and $38,800 support levels. Besides, there was a break below a short-term contracting triangle with support near $38,800 on the hourly chart of the BTC\/USD pair. The pair is now trading below $39,000 and the 100 hourly simple moving average. A low is formed near $37,028 and the price is consolidating losses. On the upside, an immediate resistance is near the $38,200 level and the 100 hourly SMA. The next key resistance is near the $38,500 level. It is near the 50% Fib retracement level of the downward move from the $39,888 swing high to $37,028 low. Source: BTCUSD on TradingView.com The main resistance is now near the $38,800 level. It is close to the 61.8% Fib retracement level of the downward move from the $39,888 swing high to $37,028 low. A clear move above the $38,800 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $40,000. Dips Limited in BTC? If bitcoin fails to clear the $38,800 resistance zone, it could start a downside correction. An immediate support on the downside is near the $37,200 zone. The next major support is seen near the $36,400 level. If there is a downside break below the $36,400 support, the price might gain bearish momentum towards $35,000. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $37,200, followed by $36,400. Major Resistance Levels \u2013 $38,200, $38,800 and $40,000.<\/p>\n","protected":false},"author":67,"featured_media":463396,"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-484656","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Why Bitcoin Must Close Above $40K For Trend Reversal<\/title>\n<meta name=\"description\" content=\"Bitcoin is struggling to clear the $40,000 resistance zone against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/uniquehot.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Why Bitcoin Must Close Above $40K For Trend Reversal","url":"http:\/\/uniquehot.com\/news\/ta-why-bitcoin-must-close-above-40k-for-trend-reversal\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ta-why-bitcoin-must-close-above-40k-for-trend-reversal\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2022-02-28T03:28:20Z","datePublished":"2022-02-28T03:28:20Z","dateModified":"2024-06-11T14:17:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Why Bitcoin Must Close Above $40K For Trend Reversal\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ta-why-bitcoin-must-close-above-40k-for-trend-reversal\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ta-why-bitcoin-must-close-above-40k-for-trend-reversal\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_179514440_s-2019.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2022-02-28T03:28:20Z\",\"datePublished\":\"2022-02-28T03:28:20Z\",\"dateModified\":\"2024-06-11T14:17:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/05\/Depositphotos_179514440_s-2019.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/484656","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=484656"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/484656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/463396"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=484656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=484656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=484656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}