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% 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% 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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