Bitcoin Overbought at $40K Resistance; Support at $34K-$36K

3개월 전

Bitcoin short uptrend could reverse down back because of the $40 resistance level that won't open the door for the bitcoin price to surge.

Bitcoin completed a potential recovery after Monday 10% pullback and is now retesting the $40k resistance level, Bitcoin right now at the price of $40 looks overbought which could trigger some profit taking from whales after a near 25% rally over the past week.

If the Bitcoin price starts to go down the next support is around the $34k-$36k range, which is the middle of a two-month range.

Screenshot_20210729-164726.png

  • The RSI which is the relative strength index on the four hour chat is declining from a overbought reading on Monday. A lower high on the RSI shows a bearish divergence, which will delay bitcoin’s short-term uptrend.

  • The intermediate-term trend is improving with a notable loss of downside momentum over the past few weeks. Buyers will probably remain active at lower support levels, although a breakout above $40,009 is needed right to resume the long-term uptrend.

  • The resistance which is now support is around the $36k and it is the 50 moving average on the four-hour chart, currently at $36,000. Lower support is around $32,000-$34,000, which may stabilize a pullback.

A Falling Wedge has formed around the $40k range and might break out any moment from now, it could break up or down but a falling wedge is a bearish pattern which mostly fall to the down side and when it falls to the down side it falls to the bottom of the wedge which is $36k so if you short bitcoin at the breakout point then $36k should be the take profit zone.

Screenshot_20210729-170450.png
The falling wedge on the Bitcoin price which is at the 1hr timeframe

Note: Never put in a trade until you see a breakout so as not to be squeezed out of your position.

Thanks For Reading.

HNWT6DgoBc14riaEeLCzGYopkqYBKxpGKqfNWfgr368M9Wd4t4j7kV89ThbTLp1kviJ3rpjqR4aVzzv3b9p8LzPCPHg1vZrvH9EHCrvXMDV2X5hhYpLXS2wrtrz.png

C3TZR1g81UNaPs7vzNXHueW5ZM76DSHWEY7onmfLxcK2iQCmwiPzSAD5UDM1WjhmbheGVciNyiDGLrBNdJ5WW5CnwJDZ6CHoLSW7f41HXydFGauL7eQDy5p (1).png

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
STEEMKR.COM IS SPONSORED BY
ADVERTISEMENT
Sort Order:  trending

This post was resteemed by @steemvote and received a 3.09% Upvote. Send 0.5 SBD or STEEM to @steemvote

We all know that these BTC movements are somehow favorable for some and not so much for others, I am sure that 40K barrier will be broken again before the end of the year.

·

It will be broken if the whales want it to

Bitcoin is showing some recovery movement we can see that it touch 40k and then again it went back down means it is creating a long buy run for the short period of time we need to keep an eye on the price.