Bitcoin Starts Recovery, Why $38K Is The Key For Reversal
Bitcoin price extended decline below the $35,000 and $34,000 support levels yesterday. It even spiked below the $33,000 level. A low was formed near $32,940 and the price recently started a recovery wave. There was a break above the $35,000 and $35,500 resistance levels.
There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USDT pair. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,500 level.
The first major resistance is near the $37,500 zone. An upside break above the $37,500 resistance could start a steady recovery wave towards $38,000. The next key resistance is near the $40,000 level, above which the bulls might aim a test of $41,200.
If bitcoin fails to start a fresh increase above $38,000, it could start another decline. The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $35,400, followed by $34,000.
Major Resistance Levels – $37,000, $38,000, $38,200.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
There was a break above a major bearish trend line with resistance near $35,450 on the hourly chart of the BTC/USDT pair. Bitcoin is now trading near $36,500 and the 100 hourly simple moving average. On the upside, an initial resistance is near the $37,500 level.
The first major resistance is near the $37,500 zone. An upside break above the $37,500 resistance could start a steady recovery wave towards $38,000. The next key resistance is near the $40,000 level, above which the bulls might aim a test of $41,200.
If bitcoin fails to start a fresh increase above $38,000, it could start another decline. The first major support is seen near the $35,400 zone. A downside break below the $35,400 support zone may perhaps spark another drop. The next major support is near $34,000, below which the price could revisit the recent low.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $35,400, followed by $34,000.
Major Resistance Levels – $37,000, $38,000, $38,200.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Disclaimer
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