{"id":133745,"date":"2021-07-29T04:08:32","date_gmt":"2021-07-29T04:08:32","guid":{"rendered":"https:\/\/precoinnews.com\/?p=133745"},"modified":"2021-07-29T04:08:32","modified_gmt":"2021-07-29T04:08:32","slug":"ta-bitcoin-eyes-key-upside-break-why-bulls-remain-in-control","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/ta-bitcoin-eyes-key-upside-break-why-bulls-remain-in-control\/","title":{"rendered":"TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control"},"content":{"rendered":"<p><em>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.<\/em><\/p>\n<ul>\n<li>Bitcoin is trading nicely above the $38,200 and $38,500 support levels.<\/li>\n<li>The price is now trading well above $38,000 and the 100 hourly simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair is likely to gain bullish momentum if it clears $40,200 and $40,500.<\/li>\n<\/ul>\n<h2>Bitcoin Price Eyes More Upsides<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/03\/AD2_728x90.gif\" \/><\/p>\n<p>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.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2021\/07\/Bitcoin-19.png\"><\/p>\n<p>Source: BTCUSD on TradingView.com<\/p>\n<p>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.<\/p>\n<h2>Dip Supported in BTC?<\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD &ndash; The MACD is likely to gain pace in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) &ndash; The RSI for BTC\/USD is now above the 50 level.<\/p>\n<p>Major Support Levels &ndash; $38,600, followed by $38,000.<\/p>\n<p>Major Resistance Levels &ndash; $40,200, $40,500 and $42,000.<\/p>\n<p>Source: <a href=\"https:\/\/www.newsbtc.com\/analysis\/btc\/bitcoin-bulls-remain-in-control-40k\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price remained in a positive zone<\/p>\n","protected":false},"author":3,"featured_media":133744,"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 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TA: Bitcoin Eyes Key Upside Break, Why Bulls Remain In Control - 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