{"id":128701,"date":"2021-06-14T04:22:59","date_gmt":"2021-06-14T04:22:59","guid":{"rendered":"https:\/\/precoinnews.com\/?p=128701"},"modified":"2021-06-14T04:22:59","modified_gmt":"2021-06-14T04:22:59","slug":"ta-bitcoin-prints-bullish-pattern-why-dips-turn-attractive-for-btc","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-prints-bullish-pattern-why-dips-turn-attractive-for-btc\/","title":{"rendered":"TA: Bitcoin Prints Bullish Pattern, Why Dips Turn Attractive For BTC"},"content":{"rendered":"<p><em>Bitcoin price formed a base above $35,000 and started a fresh increase against the US Dollar. BTC broke the $38,000 resistance and it even traded close to $40,000.<\/em><\/p>\n<ul>\n<li>Bitcoin started a fresh increase above the $38,000 and $38,500 resistance levels.<\/li>\n<li>The price is currently well above $38,000 and the 100 hourly simple moving average.<\/li>\n<li>There was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could correct lower, but the bulls are likely to remain active near $38,000.<\/li>\n<\/ul>\n<h2>Bitcoin Price Gains Bullish Momentum<\/h2>\n<p>Bitcoin declined slowly, but the bulls were active near the $35,000 support zone. BTC formed a base above the $35,000 level and it recently started a strong increase.<\/p>\n<p>There was a clear break above the $36,500 resistance and the 100 hourly simple moving average. More importantly, there was a break above a major declining channel with resistance near $36,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/05\/trade-all-CTA.gif\" \/><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>The pair gained pace and it broke the key $38,000 resistance level. The upward move was such that the price traded close to the $40,000 level.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/06\/Bitcoin-9.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>A high was formed near $39,849 and the price is now correcting lower. It broke the $39,000 support level to start the current correction. An immediate support is near the $38,650 level. It is close to the 23.6% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high.<\/p>\n<p>On the upside, an initial resistance is near the $39,200 level. The first major resistance is near the $39,800 and $40,000 levels, above which the price likely to gain bullish momentum. The next resistance is near the $42,000 level.<\/p>\n<h2>Dips Supported in BTC?<\/h2>\n<p>If bitcoin fails to clear the $39,800 resistance, it could start a downside correction. An initial support on the downside is near the $38,600 level.<\/p>\n<p>The first major support is near the $38,000 level. The main support is now forming near the $37,500 level. It is close to the 50% Fib retracement level of the upward wave from the $34,916 swing low to $39,849 high. A downside break below the $37,500 support zone could push the price towards the 100 hourly SMA.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is now losing pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is correcting lower from the 75 level.<\/p>\n<p>Major Support Levels &ndash; $38,000, followed by $37,500.<\/p>\n<p>Major Resistance Levels &ndash; $39,500, $39,800 and $40,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-btc-prints-bullish-pattern-38k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price formed a base above $35,000<\/p>\n","protected":false},"author":3,"featured_media":128700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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