TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,252,329,824,689	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,252,329,824,689

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	572.91	0.91%	63,739.39	63,739.39	63,739.40

Price Change

Price Change %

Current Price

Bid Price

Offer

572.91

0.91%

63,739.39

63,739.40

High Price	Low Price	Open Price	Prev. Close	52 Week Range
63,968.29	62,845.74	63,228.48	63,166.48	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

63,968.29

62,845.74

63,228.48

63,166.48

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	08:47:25	0.001100	63,738.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

08:47:25

0.001100

63,738.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
233,003,742.25	3,670.38	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

233,003,742.25

3,670.38

TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control

29/07/2021 4:08am

NEWSBTC

Bitcoin price remained in a positive zone above the $39,000 level against the US Dollar. BTC is likely to climb further higher above $40,500 and $41,000. Bitcoin is trading nicely above the $38,200 and $38,500 support levels. The price is now trading well above $38,000 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to gain bullish momentum if it clears $40,200 and $40,500. Bitcoin Price Eyes More Upsides Bitcoin price started a fresh increase from the $36,500 support zone. BTC remained well bid above the $37,000 level and it gained pace above the $38,000 level. The price even spiked above the $40,000 level and it settled above the 100 hourly simple moving average. A high was formed near $40,930 and the price is now consolidating gains. It corrected below the $40,000 support level. There was a break below the 23.6% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. It is now holding the $39,000 support level. There is also a key contracting triangle forming with resistance near $40,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If there is an upside break above the $40,200 resistance zone, there are chances of more upsides. The next major resistance is near the $40,800 and $41,000 levels. A close above $41,000 could trigger a steady increase towards the $42,000 level. Dip Supported in BTC? If bitcoin fails to climb above the $40,200 and $40,500 resistance levels, it could start another downside correction. An initial support on the downside is near the $39,400 level and the triangle lower trend line. The first major support is now near the $38,600 zone. It is near the 50% Fib retracement level of the upward move from the $36,397 swing low to $40,930 high. A clear downside break below the $38,600 support might call for a move towards the $37,600 level. The next major support is near the $37,200 zone. Technical indicators: Hourly MACD – The MACD is likely to gain pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $38,600, followed by $38,000. Major Resistance Levels – $40,200, $40,500 and $42,000.

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