Bitcoin Tries To Develop Additional Upside Momentum
Bitcoin managed to get above the psychologically important $40,000 level and made an attempt to settle above the next resistance level at $41,300.
This is an important moment for the whole crypto market as a successful test of the resistance at $41,300 will provide Bitcoin with great chances to develop solid upside momentum in the upcoming trading sessions.
Meanwhile, Ethereum failed to settle above $2800 and pulled back. Dogecoin did not manage to settle above the resistance at the 20 EMA at $0.2025 but continued to trade above the nearest support level at $0.20. XRP remained flat near $0.7350.
At this point, it looks that crypto markets are waiting for the outcome of Bitcoin’s new attempt to gain upside momentum above the $40,000 level.
Bitcoin managed to get above the resistance level at $40,000 and is testing the next resistance level at $41,300. RSI remains in the moderate territory, and there is enough room to develop additional upside momentum in case the right catalysts emerge.
In case Bitcoin gets above the resistance at $41,300, it will move towards the next resistance level which is located near the recent highs at $42,000. The test of this level will be a very important development for Bitcoin bulls. A successful test of the resistance at $42,000 will attract more speculative traders which will be bullish for Bitcoin. In this case, Bitcoin may quickly get to the test of the next resistance at $44,000. A move above this level will open the way to the test of the next resistance level at $46,000.
On the support side, the nearest support level for Bitcoin is located at $40,000. If Bitcoin slides back below this level, it will move towards the support at $39,200. A move below $39,200 will push Bitcoin towards the support which is located at the 20 EMA at $38,000. In case Bitcoin declines below the 20 EMA, it will move towards the support at the 50 EMA at $37,000.
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