Bitcoin Price Surges Over 5% To Clear $40k, Why BTC Bulls Are Not Done Yet
03 Diciembre 2023 - 9:17PM
NEWSBTC
Bitcoin price is up over 5% and it broke the $40,000 resistance.
BTC is rising and might soon climb higher toward the $42,000
resistance. Bitcoin broke the $38,500 resistance zone and surged
above $40,000. The price is trading above $40,000 and the 100
hourly Simple moving average. There is a connecting bullish trend
line forming with support near $40,100 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could continue to
rise toward the $42,000 resistance. Bitcoin Price Clears $40K
Bitcoin price remained strong and was able to clear the $38,500
resistance zone. BTC bulls gained strength and they were able to
clear the $39,500 resistance zone. Finally, the price surged above
the $40,000 resistance zone. It is up over 5% and a new multi-month
high is formed near $40,890. The price is now consolidating gains
above the 23.6% Fib retracement level of the recent increase from
the $39,360 swing low to the $40,890 high. Bitcoin is also trading
above $40,000 and the 100 hourly Simple moving average. Besides,
there is a connecting bullish trend line forming with support near
$40,100 on the hourly chart of the BTC/USD pair. The trend line is
close to the 50% Fib retracement level of the recent increase from
the $39,360 swing low to the $40,890 high. On the upside, immediate
resistance is near the $40,850 level. The first major resistance is
forming near $41,200, above which the price might rise toward the
$41,500 level. Source: BTCUSD on TradingView.com A close above the
$41,500 resistance might send the price further higher. The next
key resistance could be near $42,000, above which BTC could rise
toward the $42,400 level. Are Dips Supported In BTC? If Bitcoin
fails to rise above the $40,850 resistance zone, it could start a
downside correction. Immediate support on the downside is near the
$40,500 level. The next major support is near $40,000 and the trend
line. If there is a move below $40,000, there is a risk of more
downsides. In the stated case, the price could drop toward the
$39,720 support in the near term. Technical indicators: Hourly MACD
– The MACD is now gaining pace in the bullish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 50
level. Major Support Levels – $40,500, followed by $40,000. Major
Resistance Levels – $40,850, $41,200, and $42,000.
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