[Bitcoin trend analysis] Through long growth, BTC/USD holds $36k
Bitcoin trend analysis is still stuck in the range where the price fell below $37.000
Long-term selling threatens BTC/USD to reach the $38.000 level
The daily support level of $30.000 must remain unchanged
Coin360's cryptocurrency heat map
TL; DR
The price of Bitcoin is still far from reaching the psychological level of $40.000. Since the BTC/USD currency pair entered the security consolidation phase, the recent pullback has caught many bullish traders off guard. The recovery of the uptrend depends on whether the currency pair can survive the key support level. In the past 24 hours, due to high volatility, nearly $500 million in BTC has been liquidated. Similarly, in an extended uptrend, highly leveraged positions may be the responsibility of the BTC/USD pair.
After a substantial correction, a highly leveraged bull market position may cause huge losses due to margin calls. This position was abandoned at the first signs of a bearish rally, further exacerbating the price decline. The sharp decline in Bitcoin trend analysis is evident in the cascade of support losses. Currently, the plunge is gradually turning into integration.
After the $36.000 level, continued buying is needed to ensure the continuation of the bull market. Once liquidated, over-leveraged positions will provide traders and investors with another buying opportunity. Failure to do this may cause prices to continue to fall. The broader crypto market sentiment remains optimistic and investors are looking to enter lower levels.
Bitcoin price trend in the past 24 hours-gradually breaking through $36.000
Bitcoin trend analysis points to the south, but only a little bit. At the time of writing, the price is hovering above $36.100, just above the 21-day simple moving average. The BTC/USD is not getting more and more positive signals from the MACD, and the indicator shows a downward trend line by the hourly time limit. Some important Fibonacci levels are still in negative territory, further pushing the bears.
The intraday low of $34.777 was below the critical $35.000 support level, which has helped BTC survive a long-term short run. Now, the jump to the $36.100 threshold shows that the bulls are slowly pushing prices higher. If the currency pair successfully closes above 36.500 USD, then the currency pair will indeed have a reasonable level at the 38.000 USD level. However, the price must remain above the 21-day moving average in the next few days.
The corrective pullback is strengthening the bear market and they are looking for new opportunities to sell at a higher price. The BTC/USD sellers emerging past $37000 increased the intensity to post the level of $38.000, thus making the journey $40.000 dangerous. The short-term resistance is at $36.500 and then at $37.000.
BTC/USD 4-hour chart – $38.000 is the key to $40,000
TradingView's Bitcoin price chart
There is a downward sloping trend line on the hourly BTC/USD 4-hour chart. If the resistance of $37.980 proves to be challenging, the currency pair can fall towards the support of $35.000. Breaking below the 21-day moving average will also mean doom for Bitcoin trend analysis, opening the floodgates to the support level of $30.000.
In a bullish scenario, $38.660 is a key resistance level that can open the way for the psychological level of $40.000, which again brings the image to a high of $42.000. If the currency pair can avoid the 61.8 Fibonacci retracement at $29.700 on the weekly chart, then Bitcoin trend analysis has indeed brought new historical highs.
Both RSI and MACD indicate another short-term short position on the chart. The currency pair must establish support at the level of 36.000 USD in order to jump further to higher levels. Today, Bitcoin has fallen from a high of $37.449, indicating the inherent weakness of buying behavior.
Bitcoin trend analysis conclusion-closed above the key resistance level of $38.000
Bitcoin did not reach the $38.000 level at the close of the day. The price is sliding towards the $36.000 support level, bringing more downside space in the short term. Bitcoin will need the support of a broader crypto market to reach a higher level.
Unless there is a sustained bullish rebound, it is unlikely that the price will break the $40k level in the short term. The upper limit of Bitcoin trend analysis is $41.000. An expanded breakout can push the price above $42.000, while BTC can test technical resistance at the level of $44.870.
Article from: www.gascomp.cn