-0.8 C
New York
Wednesday, February 21, 2024

Buy now

TA: Bitcoin Dips From $40K, Here’s Why Uptrend Is Still Intact In BTC

Bitcoin price started a downside correction from well above $40,000 against the US Dollar. BTC is now trading near a major support at $38,000, where the bulls are currently active.

Bitcoin started a downside correction after it failed to stay above $40,000.
The price is currently just below $39,000 and the 100 hourly simple moving average.
There was a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair is likely to start a fresh increase unless there is a close below the $38,000 support=.

Bitcoin Price Revisits Key Support
Bitcoin topped near the $41,350 before it started a downside correction. BTC consolidated above $40,000 for some time before the bulls failed to protect the mentioned support zone.
The price declined below the $40,000 and $39,500 support levels. There was also a break below a key contracting triangle with support near $39,900 on the hourly chart of the BTC/USD pair. The pair even broke the $38,500 support level and the 100 hourly simple moving average.
However, the bulls are protecting the $38,000 support zone (the last breakout zone). The price is now consolidating above the $38,000 level. It is also just below $39,000 and the 100 hourly simple moving average. The 23.6% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low is also near the 100 hourly SMA.

Source: BTCUSD on TradingView.com
The first major resistance is near the $39,750 level. It is close to the 50% Fib retracement level of the recent decline from the $41,350 swing high to $38,154 low.
The main resistance is now forming near the $40,000 zone. A clear upside break above the $40,000 zone is likely to set the pace for a fresh rally in the near term.
More Losses in BTC?
If bitcoin fails to clear the $39,750 resistance and $40,000, it could extend its decline. An initial support on the downside is near the $38,150 level.
The first major support is near the $38,000 level. A downside break below the recent low and the $38,000 level could open the doors for a larger decline towards $36,500.
Technical indicators:
Hourly MACD – The MACD is slowly moving into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is rising towards the 50 level.
Major Support Levels – $38,150, followed by $38,000.
Major Resistance Levels – $39,500, $39,750 and $40,000.

Kieran Dickens
Kieran Dickenshttp://btcsonic.xyz
I have been a crypto author for over 2 years now and have written for numerous publications. I have a vast amount of experience in the industry and continue to stay up-to-date on all the latest news and developments. My writing is highly accurate and informative, and I always aim to provide value to my readers.

Latest Articles

bitcoin
Bitcoin (BTC) $ 52,091.96
ethereum
Ethereum (ETH) $ 3,007.79
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 354.86
solana
Solana (SOL) $ 106.76
xrp
XRP (XRP) $ 0.556162
staked-ether
Lido Staked Ether (STETH) $ 3,000.99
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.608003
avalanche-2
Avalanche (AVAX) $ 38.01
tron
TRON (TRX) $ 0.140451
dogecoin
Dogecoin (DOGE) $ 0.085417
chainlink
Chainlink (LINK) $ 18.99
polkadot
Polkadot (DOT) $ 7.60
matic-network
Polygon (MATIC) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 52,037.94
the-open-network
Toncoin (TON) $ 2.17
internet-computer
Internet Computer (ICP) $ 13.51
shiba-inu
Shiba Inu (SHIB) $ 0.000010
uniswap
Uniswap (UNI) $ 7.45
bitcoin-cash
Bitcoin Cash (BCH) $ 263.64
litecoin
Litecoin (LTC) $ 69.08
dai
Dai (DAI) $ 1.00
immutable-x
Immutable (IMX) $ 3.37
blockstack
Stacks (STX) $ 2.86
leo-token
LEO Token (LEO) $ 4.35
kaspa
Kaspa (KAS) $ 0.178082
cosmos
Cosmos Hub (ATOM) $ 10.17
ethereum-classic
Ethereum Classic (ETC) $ 26.94
bittensor
Bittensor (TAO) $ 609.02
filecoin
Filecoin (FIL) $ 7.41
optimism
Optimism (OP) $ 3.85
hedera-hashgraph
Hedera (HBAR) $ 0.108774
aptos
Aptos (APT) $ 9.43
near
NEAR Protocol (NEAR) $ 3.31
stellar
Stellar (XLM) $ 0.116562
injective-protocol
Injective (INJ) $ 36.03
vechain
VeChain (VET) $ 0.043309
okb
OKB (OKB) $ 51.28
lido-dao
Lido DAO (LDO) $ 3.29
celestia
Celestia (TIA) $ 17.51
first-digital-usd
First Digital USD (FDUSD) $ 0.998404
arbitrum
Arbitrum (ARB) $ 1.94
mantle
Mantle (MNT) $ 0.760118
crypto-com-chain
Cronos (CRO) $ 0.091471
render-token
Render (RNDR) $ 6.38
sei-network
Sei (SEI) $ 0.901613
the-graph
The Graph (GRT) $ 0.243001
monero
Monero (XMR) $ 123.50
sui
Sui (SUI) $ 1.68