Monday, October 25

Bitcoin (BTC) Price Analysis: In The Green Zone, What Are The Key Levels?

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Bitcoin price gained bullish momentum above the $ 38,000 resistance against the US dollar. BTC is currently consolidating its earnings and will likely continue to be supported around $ 37,000. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Bitcoin started a steady rise above the $ 37,000 and $ 38,000 resistance levels.
  • The price is currently trading above the $ 37,000 zone and the 100 hourly simple moving average.
  • There is a short-term contracting triangle formation with resistance around $ 39,500 on the hourly chart of the BTC / USD pair (based on Kraken data).
  • The pair may correct the decline, but the bulls will likely hold the $ 37,000 zone and the 100 hourly SMA.

Bitcoin (BTC) Price Turns Green

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Bitcoin continued to trade above the $ 35,000 level and began a new surge. BTC broke the $ 37,000 resistance zone and the 100 hourly simple moving average to move into a positive zone.

The price even broke the $ 38,000 level and continued its upward movement. The price even tested the $ 40,000 resistance zone and formed a high around $ 40,021. It is currently consolidating earnings below the $ 40,000 and $ 39,500 levels.

There is also a short-term contracting triangle formation with resistance around $ 39,500 on the hourly chart of the BTC / USD pair. Initial support on the downside is near the $ 38,000 level. The 31,000 23.6% Fib retracement level of the last wave from $ 31,000 to $ 40,000 is also near the $ 38,000 area.

bitcoin btc price analysis what are the important levels in the green zone 1

Bitcoin price needs to clear the $ 39,500 and $ 40,000 resistance levels to start a new rise. The next major resistance is near the $ 41,500 level. More gains could open the doors for a bigger recovery towards the $ 45,000 level. A mid-level resistance is near the $ 43,200 level.

Will Bitcoin (BTC) Fall?

If Bitcoin fails to clear the $ 40,000 resistance, there is a risk of a downside correction. Initial support on the downside is near the $ 38,000 level.

The first major support is currently occurring near the $ 37,000 zone and the 100 hourly SMA. A downside break below the $ 37,000 support could push the price towards the $ 35,550 support zone. This is near the 50% Fib retracement level of the last wave high from $ 31,000 to $ 40,000.

Technical Indicators

  • Hourly MACD – The MACD is slowly decelerating in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is falling towards the 50 level.
  • Major Support Levels – $ 38,000 followed by $ 37,000
  • Major Resistance Levels – $ 39,500, $ 40,000 and $ 41,500.

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