{"id":485474,"date":"2022-03-09T03:08:46","date_gmt":"2022-03-09T03:08:46","guid":{"rendered":"https:\/\/uniquehot.com\/?p=485474"},"modified":"2024-06-11T11:15:31","modified_gmt":"2024-06-11T11:15:31","slug":"bitcoin-shows-recovery-signs-40k","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-shows-recovery-signs-40k\/","title":{"rendered":"TA: Bitcoin Shows Recovery Signs and Could Rally Above $40K"},"content":{"rendered":"
Bitcoin is correcting losses and trading above $39,000 against the US Dollar. BTC could gain bullish momentum if it clears the $40,000 resistance zone.<\/em><\/p>\n Bitcoin price extended decline below the $38,000 support zone<\/a>. However, BTC found support near the $37,150 zone and started a decent recovery wave.<\/p>\n A low was formed near $37,159 before the price corrected higher. There was a move above the $38,000 and $38,500 resistance levels. The price was able to climb above the 76.4% Fib retracement level of the downward move from the $39,545 swing high to $37,159 low.<\/p>\n Besides, there was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading above $39,200 and the 100 hourly simple moving average<\/a>.<\/p>\n On the upside, an immediate resistance is near the $39,545 swing high. The next major resistance is near the $40,000 level. If there is a clear move above the $40,000 resistance zone, the price might accelerate higher. In the stated case, the price could rise towards the $41,000 zone.<\/p>\n <\/a><\/p>\n The 1.618 Fib extension level of the downward move from the $39,545 swing high to $37,159 low is also near the $41,000 level. Any more gains might send the price towards the $42,200 level.<\/p>\n If bitcoin fails to clear the $40,000 resistance zone, it could start another decline. An immediate support on the downside is near the $39,150 zone.<\/p>\n The next major support is seen near the $38,800 level and the 100 hourly simple moving average. If there is a downside break below the $38,800 support, the price might gain bearish momentum. In the stated case, there is a risk of a move towards the $37,500 level.<\/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 now above the 50 level.<\/p>\n Major Support Levels \u2013 $39,150, followed by $38,800.<\/p>\n Major Resistance Levels \u2013 $39,545, $40,000 and $41,000.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin is correcting losses and trading above $39,000 against the US Dollar. BTC could gain bullish momentum if it clears the $40,000 resistance zone. Bitcoin is slowly recovering and trading above the $39,000 zone. The price is trading above $39,200 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair might accelerate higher and could even surpass the $40,000 resistance zone. Bitcoin Price Starts Correction Bitcoin price extended decline below the $38,000 support zone. However, BTC found support near the $37,150 zone and started a decent recovery wave. A low was formed near $37,159 before the price corrected higher. There was a move above the $38,000 and $38,500 resistance levels. The price was able to climb above the 76.4% Fib retracement level of the downward move from the $39,545 swing high to $37,159 low. Besides, there was a break above a major bearish trend line with resistance near $38,980 on the hourly chart of the BTC\/USD pair. Bitcoin is now trading above $39,200 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $39,545 swing high. The next major resistance is near the $40,000 level. If there is a clear move above the $40,000 resistance zone, the price might accelerate higher. In the stated case, the price could rise towards the $41,000 zone. Source: BTCUSD on TradingView.com The 1.618 Fib extension level of the downward move from the $39,545 swing high to $37,159 low is also near the $41,000 level. Any more gains might send the price towards the $42,200 level. Another Rejection in BTC? If bitcoin fails to clear the $40,000 resistance zone, it could start another decline. An immediate support on the downside is near the $39,150 zone. The next major support is seen near the $38,800 level and the 100 hourly simple moving average. If there is a downside break below the $38,800 support, the price might gain bearish momentum. In the stated case, there is a risk of a move towards the $37,500 level. 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 now above the 50 level. Major Support Levels \u2013 $39,150, followed by $38,800. Major Resistance Levels \u2013 $39,545, $40,000 and $41,000.<\/p>\n","protected":false},"author":67,"featured_media":464227,"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-485474","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 Correction<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Another Rejection in BTC?<\/h2>\n