Friday, June 18

Bitcoin (BTC) Price Analysis: Showing Positive Signals, What Are Price Targets and Key Levels?

Bitcoin price gains above the $ 38,000 pivot level against the US Dollar. BTC is signaling more gains above the $ 40,000 resistance zone in the near term. According to the technical analysis of NewsBTC’s Aayush Jindal:

  • Bitcoin is showing positive signals above the $ 37,000 and $ 38,000 resistance levels.
  • The price is trading well above the $ 37,000 zone and the 100 hourly simple moving average.
  • There was a break above a significant contracting triangle formation with resistance close to $ 38,000 on the hourly chart of the BTC / USD pair (based on Kraken data).
  • The pair is likely to rise above the $ 39,500 and $ 40,000 resistance levels.

Bitcoin (BTC) Price Aims Upward

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Bitcoin fell after testing the $ 40,000 resistance zone. BTC fell below $ 38,000 but remained supported near the $ 37,000 zone and the 100 hourly simple moving average.

A low was formed around $ 36,500 and the price started a new uptrend. It broke the $ 37,000 and $ 38,000 resistance levels. There was a break above the 50% Fib retracement level of the last drop from $ 40,155 to $ 36,508.

There was also a break above a significant contracting triangle formation with resistance near $ 38,000 on the hourly chart of the BTC / USD pair. The pair is currently trading above the $ 37,000 zone and the 100 hourly simple moving average.

bitcoin btc price analysis shows positive signals What are price targets and key levels?

An immediate resistance is near the 76.4% Fib retracement level of the recent drop from $ 40,155 to $ 36,508. The main resistance is still near the $ 40,000 zone. A clear upside break above the $ 40,000 resistance zone could trigger a strong upward move.

The next major resistance is near the $ 42,000 level. More gains could open the doors for a bigger recovery towards the $ 45,000 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 $ 38,200 level.

The first major support is still near the $ 37,000 zone and the 100 hourly SMA. If there is a downside break below the $ 37,000 support, the price could drop towards the $ 35,000 support zone in the near term.

Technical Indicators

  • Hourly MACD – The MACD is now gaining momentum in the bullish zone.
  • Hourly RSI (Relative Strength Index) – The RSI for BTC / USD is well above the 50 level.
  • Major Support Levels – $ 38,200 followed by $ 37,000
  • Major Resistance Levels – $ 39,500, $ 40,000 and $ 42,000

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