Bitcoin price is making familiar moves on Monday as it is hovering near $39,000. BTC found reliable support of around $37,000 since late January. Sellers collect liquidity and bounce back toward the upper trading zone placed at the supply zone extending from $45,000 and $42,000.
Bitcoin price trades with significant gains as the fresh trading week begins.
Moves in a familiar trading range of $37k and $42k for a month.
BTC could test $42,000 next as bulls attempt to cross the descending trendline.
Bitcoin price looks for a breakout
Bitcoin price remains pressured near $39,000 and is making effort to move higher. In today’s session, BTC opened lower but quickly recovered to test sessions’ high at $39,220.0. On the daily chart, the price face multiple rejections near the descending trendline, which is extending from the highs of $45,850 made on February 10. Further, the Bitcoin price failed to slice above the bearish trendline in February.
Bitcoin price hit record lows in late January at $32,950.72 and surged 35% to the swing highs of $45,850.0, the level which acted as a strong upside barrier for the bulls. BTC retreated further by 17% but made a higher low at $24,324.05, extending the demand zone now at $37,169.52. Thus making a formation of higher lows with receding higher levels.
As per the technical formation, a bounce is expected at the current price level. The immediate first target is placed at 50-day EMA (Exponential Moving Average) at $40,756.05.
A decisive breakout of the bearish trend line will bring $44,000 in play with the condition of above an average volumes.
On the contrary, if the price breaks below the session’s low as a shift in bullish sentiment then Bitcoin price could revisit the horizontal $36,000 level.
On the 1-hour chart frame, Bitcoin price is facing a tough time to pierce above the stiff resistance zone placed at $39,200. But it recovered sharply from the session’s low with good volumes.
Technical indicators:
RSI: The daily relative strength index attempts to break above the average line with a bullish bias.
MACD: The Moving Average Convergence Divergence hovers below the midline. But the indicator tilt in a positive direction with upside momentum
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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