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BTC bulls' bid for $40,000 delayed at $39,000 key level

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has gradually but consistently lifted from $31,000 to levels near $40,000. However, the flagship cryptocurrency has not entirely broken above the resistance at $40,000, especially with immense resistance presented by the 200 Simple Moving Average ( SMA ) on the four-hour chart.

At the time of writing, BTC trades at $38,800 following a minor rejection from the immediate hurdle, the 200 SMA . The bid for $40,000 continues to challenge the bulls even as bears increase their entries. On the downside, the immediate support at $38,000 is key to resuming the journey toward the short-term goal.

Bitcoin's uptrend seems intact

The Moving Average Convergence Divergence ( MACD ) emphasizes that bulls have the upper hand based on the four-hour timeframe. This indicator follows the trend of an asset while measuring its momentum. Although the MACD does not identify overbought and oversold conditions of the market, it helps pinpoint the positions to buy the dip or sell the top.

Meanwhile, the MACD on Bitcoin's chart shows that buyers have more influence. For instance, since the drop to $31,000, the indicator has made it to the positive region. Additionally, the MACD line (blue) sustains the divergence above the signal line; thus, the least resistance path is upward.

As mentioned, support at $38,000 remains key to sustaining the uptrend. However, the resistance at the 200 SMA must come down to allow Bitcoin to move closer to $40,000. A break above $40,000 would be a significant milestone in light of the recent frequent retracements and may trigger immense buy orders, bolstering the price higher.

However, if the support at $38,000 gives in, we can expect BTC to drop to $36,000, a buyer congestion highlighted by the 50 SMA and the 100 SMA .

Bitcoin intraday levels

Spot rate: $38,830

Trend: Short-term bearish biased

Volatility: Low

Resistance: The 200 SMA and $40,000

Support: $38,000 and $36,000

Comments

That was interesting to watch! Press the play button on the chart. As always thanks for sharing your research. It was featured in EP.
200 coins
+5 Reply
It is going to fall heavily, please do watch !
+7 Reply
@Mivin, opps!!!
Reply
btc pullback 30K$ soon
+6 Reply
This post was made a few hours to early
+6 Reply
TheTophyr Bahumat
@Bahumat, Yep. Kaboom!
+2 Reply
Was it though ? You guys need to get of the 1 minute charts. Could easily be a wick on a daily time frame . Too many bulls still need to be shaken out
Reply
Bahumat mikeClarke13
@mikeClarke13, Yes it will obviously pull back. You dont run from 34.5k to 41k in one day and not expect a pullback. Smart money will sell and rebuy back in tomorrow or on Wednesday and we will continue the pump.
Reply
DDXagust Bahumat
@Bahumat, Sorry but this is bitcoin. Smart money recognizes that there are stops to run
Reply