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#BitcoinPrice2024 At Make-Or-Break Moment, Key Levels To Watch
Bitcoin's price initiated a recovery attempt from the $38,500 support area, seeking bullish momentum upon surpassing the $40,500 resistance zone.
Presently, Bitcoin is in the midst of a rebound from the $38,500 support, trading below $40,000 and the 100-hourly Simple Moving Average. The hourly chart of the BTC/USD pair from Kraken indicates the formation of a significant bearish trend line around $40,400.
Despite a dip below the $40,000 support and a test of the $38,500 zone, Bitcoin's recovery wave started, reaching a new weekly low at $38,518. However, it now faces hurdles below $40,000 and the 100-hourly SMA.
Key resistance lies at $40,400, marked by a substantial bearish trend line. This trend line aligns closely with the 50% Fibonacci retracement level of the downward movement from the $42,260 swing high to the $38,518 low.
The subsequent major resistance is anticipated at $40,500, beyond which a potential rise to test $40,850 may occur. This level aligns with the 61.8% Fibonacci retracement level from the aforementioned downward wave. A successful breach above $40,850 could lead to a challenge of the $41,500 resistance, followed by a new hurdle near $42,000. A conclusive breach above $42,000 might propel the price even higher, encountering a significant resistance at $42,500.
However, should Bitcoin struggle to surpass the $40,400 resistance, it may experience a renewed decline. Initial support is around $39,400, followed by the critical $38,500 level. A close below $38,500 could pave the way for further bearish momentum, with a potential visit to the $37,000 support in the short term.
Analyzing technical indicators, the hourly
#MACD shows a slowdown in bearish momentum, while the hourly
#RSI for BTC/USD is now above the 50 level.
Key Levels:
Support: $39,400, $38,500
Resistance: $40,400, $40,500, $40,850, $41,500, $42,000, $42,500.
Source - newsbtc.com
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