Bitcoin Passes $40K Important Upward Break Indicates Trend Shift

2022-03-16 | Selina Mathew

Bitcoin Passes $40K Important Upward Break Indicates Trend Shift

The value of bitcoin has risen by 5%.

Bitcoin's value has created a bottom over $38,000. BTC has begun to rise steadily over the $39,550 resistance level as well as the 100 hourly simple moving average.

It paved the way for a breakthrough over the $40,000 barrier. The bulls grabbed control and drove the price over the $41,000 barrier level. The price increased by more than 5%, and it is already approaching $41,800. A high near $41,706 has been achieved, and the market is presently reversing profits.

It was trading under the $41,000 mark. The latest phase from the $38,170 pendulum low to the $41,706 high was tested at the 23.6 percent Fib retracement level.

On the negative, numerous support levels are emerging at $40,000. On the hourly graph of the BTC/USD pair, a significant bullish trend line is emerging with support at $39,250. On the plus note, bitcoin may encounter resistance at $41,200.

The upcoming significant resistance level might be at the previous high, or $41,800. A strong rise over $41,800 might potentially take the price above the $42,000 barrier mark. In the aforementioned scenario, the price may jump to $43,200.

BTC

BTC/USD TRADING VIEW CHART 

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If bitcoin manages to break over the $41,200 barrier level, it may begin a downward trend. On the negative, there is immediate support at the $40,500 level.

The next significant support is expected at the $40,000 mark. It is close to the 50% Fib retracement level of the current phase from the swing low of $38,170 to the high of $41,706. The primary support is currently located at the trend line and $39,000.

Signals of technical significance:

Hourly MACD - The MACD has slowed in the bullish zone.

Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is much over 50.

Major Support Levels begin at $40,500 and go to $40,000.

The major resistance levels are $41,200, $41,800, and $42,000.

 

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