What Will Happen To Bitcoin’s Price In The Next Few Days? BTC Now Creates New Upward Trend Over the $40,000 Resistance Level
What Will Happen To Bitcoin’s Price In The Next Few Days?
The price of bitcoin stayed well above the $39,250 support level. BTC created a base and began a new upward trend over the $40,000 resistance level.
BTC now has the strength to go beyond the $40,500 barrier. The primary slide from the $43,415 swing high to the $39,240 low was retraced at a 23.6%Â Fib retracement level. On the hourly chart, there was also a break over a connecting bearish trend line with resistance above $40,000.
The BTC/USD pair even broke over the $41,000 barrier zone, closing above the 100 hourly simple moving average. Near the $41,350 mark, there is immediate upside resistance.
The primary decline from the $43,415 swing high to the $39,240 low is also within the $41,350 zone, as is the 50%Â Fib retracement level. The next significant resistance level might be $41,500. The price might go higher if the bulls can clear the $41,350 and $41,500 resistance levels.
In the above scenario, the price may increase to the $41,800 barrier level. Any more advances might lay the stage for a near-term move towards the $42,500 mark.
If bitcoin fails to break through the $41,500 barrier level, it may fall further. Near the $41,000 mark, there is immediate support on the downside.
Near the $40,550 level, the next major support may be found. A fall below the $40,550 support zone on the downside might hasten losses. In the above scenario, the price may drop to around $40,000 or possibly $39,250.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Hazel
CoinCu News
Author
What Will Happen To Bitcoin’s Price In The Next Few Days?
The price of bitcoin stayed well above the $39,250 support level. BTC created a base and began a new upward trend over the $40,000 resistance level.
BTC now has the strength to go beyond the $40,500 barrier. The primary slide from the $43,415 swing high to the $39,240 low was retraced at a 23.6%Â Fib retracement level. On the hourly chart, there was also a break over a connecting bearish trend line with resistance above $40,000.
The BTC/USD pair even broke over the $41,000 barrier zone, closing above the 100 hourly simple moving average. Near the $41,350 mark, there is immediate upside resistance.
The primary decline from the $43,415 swing high to the $39,240 low is also within the $41,350 zone, as is the 50%Â Fib retracement level. The next significant resistance level might be $41,500. The price might go higher if the bulls can clear the $41,350 and $41,500 resistance levels.
In the above scenario, the price may increase to the $41,800 barrier level. Any more advances might lay the stage for a near-term move towards the $42,500 mark.
If bitcoin fails to break through the $41,500 barrier level, it may fall further. Near the $41,000 mark, there is immediate support on the downside.
Near the $40,550 level, the next major support may be found. A fall below the $40,550 support zone on the downside might hasten losses. In the above scenario, the price may drop to around $40,000 or possibly $39,250.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Hazel
CoinCu News
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