Bitcoin Price Regains Strength As The Bulls Aim For $40K

2023-11-20 03:45:38

Bitcoin price started a fresh increase above the $37,000 resistance zone. BTC could accelerate higher once there is a clear move above the $37,350 resistance.

Bitcoin started a fresh increase from the $35,500 support zone.
The price is trading above $36,700 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up toward $40,000 if it clears $37,350 and $38,000.

Bitcoin Price Restarts Increase

Bitcoin price found support near the $35,500 zone after a steady decline. BTC bulls were active above the $35,500 level and were able to start a fresh increase.

There was a move above the $36,500 and $37,000 resistance levels. The price climbed above the 50% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. The price even spiked above $37,200.

Bitcoin is now trading above $36,700 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $36,720 on the hourly chart of the BTC/USD pair.

On the upside, immediate resistance is near the $37,350 level. It is near the 76.4% Fib retracement level of the downward wave from the $37,950 swing high to the $35,518 low. A clear move above the $37,350 resistance might send the price toward the $37,800 level.

Source: BTCUSD on TradingView.com

The next key resistance could be near $38,000. A close above the $38,000 resistance could start a strong increase. The first major resistance is near $39,200, above which the price might accelerate further higher. In the stated case, it could test the $40,000 level. Any more gains might send BTC toward the $42,000 level.

Another Rejection In BTC?

If Bitcoin fails to rise above the $37,350 resistance zone, it could start another decline. Immediate support on the downside is near the $37,000 level.

The next major support is $36,700 and the trend line. If there is a move below $36,700, there is a risk of more downsides. In the stated case, the price could drop toward the $35,950 support in the near term. The next key support or target could be $35,500.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $37,000, followed by $36,700.

Major Resistance Levels – $37,350, $37,800, and $38,000.

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.