Bitcoin Price Analysis: BTC Could Surge Further Toward $40K
Bitcoin price started a strong increase above the $37,500 zone against the US Dollar.
The price is now trading above $37,000 and the 55 simple moving average (4 hours).
There is a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could continue to rise if it stays above the $36,500 support zone.
Bitcoin price is showing positive signs above $37,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $36,500 zone.
Bitcoin Price Analysis
Bitcoin price started a strong increase above the $36,500 resistance zone. The price remained stable above the $36,700 level and traded in a positive zone.
There was a clear move above the $37,500 level and the 55 simple moving average (4 hours). The price even rallied above the $38,000 resistance zone. However, the price seems to be struggling near the $38,400 zone. A high was formed near $38,425 and the price is now consolidating gains.
The price traded below $38,000 and the 23.6% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high. The price is now trading above $37,000 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $38,400 level. The first major resistance is near the $38,800 level, above which the price could rise toward the $39,500 zone.
Any more gains might send the price toward the $40,000 zone. If there is no upside break, the price might start a downside correction below $37,500 or the 50% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high.
The next key support is near the $36,700 level. There is also a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $35,000 support zone.
Looking at the chart, Bitcoin price is trading above $37,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $36,700 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
Key Support Levels – $37,500 and $36,700.
Key Resistance Levels – $38,400, $38,800, and $40,000.
The post Bitcoin Price Analysis: BTC Could Surge Further Toward $40K appeared first on Live Bitcoin News.
Filed under: Bitcoin - @ November 29, 2023 3:18 am