Bitcoin (BTC/USD) Price Bounces, Hitting $40,000 Resistance
Bitcoin Price Prediction – February 26
There were significant downward-falling forces in the BTC/USD market some days back. The crypto-economic price bounces, hitting a $40,000 resistance trading line to trade around $38,822 at a negative percentage rate of 1.05.
BTC/USD Market
Key Levels:
Resistance levels: $42,500, $45,000, $47,500
Support levels: $35,000, $32,500, $30,000
BTC/USD – Daily Chart
The BTC/USD daily chart showcases the crypto-economic price bounces, hitting $40,000 resistance. The bearish trend line drew closely beneath the 50-day SMA indicator above the 14-day SMA. The critical support baseline remains drawn at the $35,000 level. The Stochastic Oscillators are slightly bent northbound against the range of 20, indicating that upward momentum is gathering presently.
Will the BTC/USD market surge northward toward a higher resistance as the crypto’s price bounces, hitting $40,000 resistance?
The BTC/USD market strength to surge northward higher appears not to have intense pressures as the crypto-economic price bounces, hitting $40,000 resistance. The buying entry of the current pattern lies within $35,000 and $30,000. Therefore, the launching of long position orders at this point may have to suspend for a while. The reason for that is that the bearish-trading cycle is still on.
On the downside of the technical analysis, the BTC/USD market short-position takers would have to affirm their stances around the trend line of the 14-day SMA indicator. Some lesser-active pushes are needed to occur below the 50-day SMA trend line to have a reliable sell entry afterward. The candlestick in the making currently portends an early return of a downing trend around the $40,000 trading capacity.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart showcases the crypto-economic price bounces, hitting $40,000 resistance. The 50-day SMA indicator trend line is above the 14-day SMA trend line. Given that there is an overbought condition, as indicated by the Stochastic Oscillators; traders are to get set for taking sell orders when an active motion happens. They should avoid late entry positioning orders.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider.
Read more: