Bitcoin

Bitcoin price remained well bid above the $40,750 support against the US Dollar. BTC seems to be forming a bottom near $40,750 and it could start a strong rally. Bitcoin recovered above the $41,500 and $42,000 resistance levels. The price is now trading above $42,500 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher towards the $44,200 resistance zone in the near term. Bitcoin Price Gains Pace Bitcoin price remained strong above the $40,750 support level. As a result, BTC started a fresh increase above the $41,500 resistance level. There was a clear break above the $42,000 level and the 100 hourly simple moving average. Besides, there was a break above a key bearish trend line with resistance near $42,200 on the hourly chart of the BTC/USD pair. The pair climbed above the 50% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. Bitcoin is now trading above $42,500 and the 100 hourly simple moving average. On the upside, an immediate resistance is near the $43,200 level. Source: BTCUSD on TradingView.com The first major resistance is near the $43,500 level. It is close to the 76.4% Fib retracement level of the key decline from the $44,325 swing high to $40,771 low. The next major resistance is near the $44,350 level, above which the price could accelerate higher. In the stated case, it could test the $45,500 resistance. Fresh Decline In BTC? If bitcoin fails to clear the $43,500 resistance zone, it could start a fresh downside correction. An immediate support on the downside is near the $42,800 level. The first major support is now forming near the $42,500 level and the 100 hourly simple moving average. A break below the $42,500 level might push the price towards the $41,500 level. The main breakdown support is still near the $40,750 zone, below which there could be a sharp decline in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $42,500, followed by $41,500. Major Resistance Levels – $43,500, $44,350 and $45,500.

Bitcoin price corrected gains and moved above $45,000 against the US Dollar. BTC is now struggling to surpass $47,000 and it could start another decline. Bitcoin is facing a major resistance near $47,500 and $48,000 levels. The price is now trading well below $48,000 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline as long as it is trading below the $48,000 pivot level. Bitcoin Price Faces Hurdles Bitcoin price declined heavily towards $42,000 before it started a recovery. BTC was able to recover above the $43,500 and $45,000 resistance levels. The price even climbed above the 23.6% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low. The bulls even pushed the price above the $46,000 level. However, they faced sellers near the $47,450 level. It seems like the 50% Fib retracement level of the main decline from the $52,800 swing high to $42,000 swing low acted as a resistance. There is also a key bearish trend line forming with resistance near $47,000 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com The pair is now trading well below $48,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,500 level. A close above the $47,500 level could start a decent increase in the near term. The next major hurdle for the bulls could be near the $48,500 zone. More Losses In BTC? If bitcoin fails to clear the $47,500 resistance zone, it could start a fresh decline. An immediate support on the downside is near the $45,500 level. The first major support is near the $44,800 level. If there is a downside break below the $44,800 support zone, the price could extend its decline. In the stated case, the price could test the $43,000 support. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is still below the 50 level, with a bearish angle. Major Support Levels – $45,500, followed by $44,800. Major Resistance Levels – $47,000, $47,500 and $48,500.

Bitcoin price failed to surpass the $49,000 resistance against the US Dollar. BTC is sliding and it could even break the $46,500 support zone. Bitcoin is slowly moving lower from the $49,000 resistance zone. The price is now trading well below $48,000 and the 100 hourly simple moving average. There was a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further lower if there is a break below the $46,500 support zone. Bitcoin Price Breaks Support Bitcoin price struggled to clear the $49,000 resistance zone and started a fresh decline. BTC traded below the $48,500 and $48,000 support levels to move into a short-term bearish zone. There was also a break below a key declining channel with support near $47,500 on the hourly chart of the BTC/USD pair. The pair is now trading well below $48,000 and the 100 hourly simple moving average. It tested the $46,700 zone and it currently consolidating losses. An immediate resistance is near the $47,150 level. It is near the 23.6% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. On the downside, the price is finding bids near the $46,700 level. Source: BTCUSD on TradingView.com The next key support is near the $46,500 zone. If there is a downside break below the $46,500 support zone, the price might continue to move down. The next major support is near the $46,200 level, below which the bears might even aim a test of $45,000. Fresh Increase In BTC? If bitcoin stays above the $46,500 support zone, it could start a fresh increase. An immediate resistance on the upside is near the $47,150 level. The first major resistance is near the $47,750 level. It is close to the 50% Fib retracement level of the recent decline from the $48,736 swing high to $46,697 swing low. The main resistance is near the $48,250 level and the 100 hourly simple moving average. A clear break above the $48,250 level could set the pace for more gains. Technical indicators: Hourly MACD – The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well below the 50 level. Major Support Levels – $46,500, followed by $45,000. Major Resistance Levels – $47,750, $48,250 and $49,000.

Bitcoin price found support near $47,150 and started a fresh increase against the US Dollar. BTC must settle above the 100 hourly SMA to continue higher. Bitcoin extended its decline and tested the $47,200 support zone. The price is now trading near $48,800 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could extend its increase if there is a clear break above $49,200 and the 100 hourly SMA. Bitcoin Price Regains Strength Bitcoin price started a steady decline below the $48,000 support. BTC even extended its decline below $47,500, but the bulls were active near $47,200. A low was formed near $47,165 and the price started a fresh increase. It broke the $48,000 and $48,500 resistance levels. There was a break above the 50% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low. Besides, there was a break above a key bearish trend line with resistance near $48,850 on the hourly chart of the BTC/USD pair. The pair even tested the $49,200 resistance zone. Bitcoin is now trading near $48,800 and the 100 hourly simple moving average. The first major resistance is near the $49,200 level. It is close to the 61.8% Fib retracement level of the downward move from the $50,520 swing high to $47,165 low. Source: BTCUSD on TradingView.com A clear break above the $49,200 resistance and a close above the 100 hourly SMA could open the doors for a steady increase. The next major stop for the bulls could be $50,000. Fresh Decline in BTC? If bitcoin fails to climb above the $49,200 resistance, it could start a fresh increase. On the downside, an immediate support is near the $48,500 level. The first key support is near the $48,000 level. If there is a downside break below the $48,000 level, the price could continue to move down. The next major support is near the $47,200 level. Any more losses could open the doors for a move towards the $46,500 support zone in the near term. Technical indicators: Hourly MACD – The MACD is losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $48,500, followed by $48,000. Major Resistance Levels – $49,000, $49,200 and $50,000.

Bitcoin price traded to a new weekly low at $44,012 before recovering losses against the US Dollar. BTC is back above $47,000 and it may attempt to clear the $48,000 resistance. Bitcoin started a decent increase above the $45,500 and $46,000 resistance levels. The price is now trading above $46,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could accelerate further higher if it clears the $48,000 resistance zone in the near term. Bitcoin Price Eyes More Upsides Bitcoin price extended its decline below the $44,200 support zone. However, BTC bulls were active above the $44,000 level. A low was formed near $44,012 before the price started a fresh increase. There was a steady rise above the $45,000 and $45,500 resistance levels. The price cleared the 50% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. There was also a break above a key bearish trend line with resistance near $45,500 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $46,000 and the 100 hourly simple moving average. It is even trading above the 76.4% Fib retracement level of the main drop from the $48,100 swing high to $44,012 low. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $47,500 level. The first key resistance is near the $48,000 level and the last major swing high near $48,100. To continue higher, the price must clear the $48,000 resistance zone. The next major stop for the bulls could be $50,000. Dips Supported in BTC? If bitcoin fails to climb above the $48,000 and $48,100 resistance levels, it could start a downside correction. An initial support on the downside is near the $46,800 level. The first major support is now near the $46,500 zone. The next key support is now near the $46,000 level and the 100 hourly SMA. If there is a clear break below $46,000, the price could revisit the $45,000 support zone. Technical indicators: Hourly MACD – The MACD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 60 level. Major Support Levels – $46,500, followed by $46,000. Major Resistance Levels – $47,500, $48,000 and $48,100.

Bitcoin price started a fresh increase from the $45,500 support against the US Dollar. BTC is likely to accelerate higher above the $48,000 resistance zone. Bitcoin is trading nicely above the $45,500 and $46,500 resistance levels. The price is now trading below $47,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $46,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to extend its increase above the main $48,000 resistance zone. Bitcoin Price Gains Momentum Bitcoin price remained well bid above the $45,500 support zone. BTC traded as low as $45,564 and it recently started a fresh increase above the $46,200 resistance level. There was a break above a connecting bearish trend line with resistance near $46,500 on the hourly chart of the BTC/USD pair. The pair even cleared the 61.8% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low. The pair is now trading below $47,000 and the 100 hourly simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $48,150 swing high to $45,564 low. Source: BTCUSD on TradingView.com An immediate resistance on the upside is near the $48,000 level. The next key resistance is near the $48,150 level. The current price action suggests that bitcoin price may soon clear the $48,150 high. In the stated scenario, the price is likely to accelerate higher. The next main resistance could be $50,000. Dips Limited in BTC? If bitcoin fails to climb above the $48,000 and $48,150 resistance levels, it could start a downside correction. An initial support on the downside is near the $47,000 level. The first major support is now near the $46,500 zone. The main support is now forming near the $46,250 level. There is also a major bullish trend line forming with support near $46,250 on the same chart. If the price fails to stay above the trend line support, it could move down towards the $45,500 support level. The next major support is near $44,500. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level. Major Support Levels – $46,250, followed by $45,500. Major Resistance Levels – $48,000, $48,150 and $50,000.

Bitcoin price is facing a strong resistance above $46,500 against the US Dollar. BTC is slowly correcting lower and it might test the $44,500 support zone. Bitcoin made a few attempts to settle above $46,000, but it failed. The price is still trading above $45,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards $44,500 or even $44,000 in the near term. Bitcoin Price Could Correct Gains Bitcoin price traded as high as $46,546 before it faced sellers, similar to ethereum. BTC made a few attempts to settle above $46,000, but it failed. It is now correcting lower and trading below the $45,600 level. There was a break below the 23.6% Fib retracement level of the upward move from the $42,843 swing low to $46,546 high. Besides, there was a break below a key bullish trend line with support near $45,450 on the hourly chart of the BTC/USD pair. The pair is still trading above $45,000 and the 100 hourly simple moving average. An immediate support on the downside is near the $45,000 level. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $46,000 level. The first key resistance is near the $46,200 level. The main resistance is now forming near the $46,500 level. A clear break above the $46,500 resistance zone might start a decent increase. The next major resistance is near the $47,000 level. Any more gains could lead the price towards the $48,000 level. Dips Supported in BTC? If bitcoin fails to climb above the $46,000 and $46,200 resistance levels, it could continue to move down. An initial support on the downside is near the $45,000 level. The first major support is now near the $44,500 zone and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward move from the $42,843 swing low to $46,546 high. Any more losses may possibly call for a test of the $44,000 level. The next major support could be $43,000. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 level. Major Support Levels – $45,000, followed by $44,500. Major Resistance Levels – $46,000, $46,200 and $46,500.

Bitcoin price started a fresh increase above the $38,500 resistance zone against the US Dollar. BTC even broke $40,000 and it is now correcting gains. Bitcoin gained traction above the $38,500 and $39,500 resistance levels. The price is now trading above $40,000 and the 100 hourly simple moving average. There was a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is correcting gains, but the bulls are likely to remain active near $39,000. Bitcoin Price Turns Green Bitcoin price formed a base above the $37,600 level and started a fresh increase. BTC broke the key $38,500 resistance level to move into a positive zone. The price even broke the $39,000 resistance level and settled well above the 100 hourly simple moving average. Finally, there was a break above the $40,000 resistance zone. There was also a break above a key bearish trend line with resistance near $39,000 on the hourly chart of the BTC/USD pair. The price traded as high as $41,395 before there was a downside correction. Bitcoin traded below the $40,500 support level. There was a break below the 23.6% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. It is now consolidating near the $40,000 support zone. On the upside, an initial resistance is near the $40,500 level. The first key resistance is near the $40,750 level and a connecting bearish trend line. Source: BTCUSD on TradingView.com Therefore, a close above the $40,750 resistance zone and the trend line might trigger a steady increase. The next major resistance is near the $41,500 level. Any more gains could set the pace for a move towards the $42,500 resistance zone in the near term. Fresh Decline in BTC? If bitcoin fails to climb above the $40,750 and $41,500 resistance levels, it could start a fresh downside correction. An initial support on the downside is near the $49,000 level. The first major support is now near the $39,500 zone. It is near the 50% Fib retracement level of the recent increase from the $37,678 swing low to $41,395 high. A clear downside break below the $39,500 support might lead the price towards the $38,500 support. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $39,500, followed by $38,500. Major Resistance Levels – $40,500, $40,750 and $41,500.

Tomorrow is the last day of the month of July, and Bitcoin is at a pivotal moment in its lifetime. The crossroads of a possible bear market or bullish continuation is here, and the path chosen will dictate the trend for potentially months or years to come. The monthly timeframe could provide clues as to what might be next, and we’ve got five ultra bullish technical charts and reasons why Bitcoin is more likely to blast off than fall further from here. Critical Monthly Close Could Determine Crypto Cycle Crossroads Bitcoin is back at around $40,000 after a long drawn out and dramatic fall to $30,000. Each sweep below the support level was bought up, but resistance above also has yet to crack.  The reason for the stalemate between the two levels, is because price action on monthly timeframes is trapped between the Tenkan-sen and Kijun-sen. The last bear market was kicked off by losing such level. The monthly candle is also holding at support, which is something that failed to happen in early 2018. The Ichimoku is currently bullish on the top cryptocurrency | Source: BTCUSD on TradingView.com The two smaller bodied candles from June and July appear similar in structure as the pair that set the bear market bottom around $3,000 and has never yet been broken. Related Reading | Ready To Run: Bitcoin Forms Best Performing Bull Market Bottoming Pattern The Japanese candlestick pattern is also forming just as Bitcoin price brushes up against a long-term parabolic curve. A similar sized move up from the 2018 bottom might resembled the measured target from here. Candle structure matches the bear market bottom | Source: BTCUSD on TradingView.com Although the below chart demonstrates the TD sequential indicator at a red 2-count, which would suggest any downtrend is in its early stages (compare to past counts for examples). But in bulls favor, support has fallen back to where a TD 9 count was previously broken on the high timeframe. Support is holding where the trend became interesting | Source: BTCUSD on TradingView.com Bitcoin Bull Stampede Could Be Brewing, According To Technicals The bullish signals on the monthly timeframe simply just don’t stop there. Bitcoin price has plenty more to suggest the bull run is nowhere yet finished. The next signal is from the Relative Strength Index, which suggests that although Bitcoin got overheated very quickly during this last impulse, the bull run would barely be a whimper compared to the last rally. RSI support is holding | Source: BTCUSD on TradingView.com The RSI is holding at a level that prompted that last major bull market of 2017, and has begun to turn back higher. If the same reading is taken from the point of support during the last bull market, the RSI suggests there’s a lot more room for bulls to run this cycle. Related Reading | Bitcoin Indicator Forecast Calls For $46K, New All-Time Highs Possible Finally, there’s the LMACD, which is narrowly escaping a bearish crossover. There’s no bearish crossover… yet | Source: BTCUSD on TradingView.com The LMACD is the logarithmic version of the moving average convergence divergence indicator, and is better suited for use with Bitcoin. Past bear crosses on the monthly timeframe led to extended downtrends, while narrowly crossing in late 2020 led Bitcoin’s charge to $60,000 per coin. All of the charts combined suggest that any bearish action on lower timeframes, was nothing more than a shakeout of epic proportions. However, only time will tell, and there is still more than 24 hours left before the clearly critical monthly candle comes to a dramatic close. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com

Bitcoin price surged and it even spiked above the $40,000 resistance against the US Dollar. BTC is correcting gains, but it is likely to remain stable near $36,000. Bitcoin started a strong increase above the $36,000 and $38,000 resistance levels. The price is now trading well above $36,000 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $36,100 with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair correcting gains, but it is likely to find a strong support near $36,000. Bitcoin Price Corrects Gains Bitcoin price started a major increase after it broke the key $35,000 resistance zone. It opened the doors for a steady rise above the $36,500 level and the 100 hourly simple moving average. The price surged above the $38,000 level and finally it spiked above the $40,000 resistance. However, the bulls struggled to keep the price above the $40,000 level. A high was formed near $40,484 and the price started a downside correction. There was a break below the $38,500 and $38,000 level. Bitcoin even declined below the 50% Fib retracement level of the upward move from the $33,950 swing low to $40,484 high. Source: BTCUSD on TradingView.com The price is now consolidating near the $37,000 support zone. There is also a major bullish trend line forming with support near $36,100 with resistance near $31,250 on the hourly chart of the BTC/USD pair. On the upside, an initial resistance is near the $38,000 level. The first major resistance is near the $38,500 level. The main resistance is still near the $40,000 zone. A successful break and close above the $40,000 level could spark additional gains in the near term. Dip Limited in BTC? If bitcoin fails to climb above the $38,000 and $38,500 resistance levels, it could continue to move down. An initial support on the downside is near the $36,500 level. The first major support is now near the $36,000 zone. A clear downside break below the $36,000 support and the trend line may possibly push the price towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $36,500, followed by $36,000. Major Resistance Levels – $38,000, $38,500 and $40,000.

Bitcoin price started a strong upward move from the $29,250 support zone against the US Dollar. BTC must settle above $32,000 and $32,500 for more upsides in the near term. Bitcoin started a strong increase above the $30,000 and $31,000 resistance levels. The price is now trading well above $31,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct gains, but the bulls are likely to remain active near $31,200. Bitcoin Price Surges above $32,000 Bitcoin price found a strong buying interest below the $30,000 level. BTC formed a support base near the $29,300 and it started a major recovery wave. The price surged above the $30,000 and $30,500 resistance levels. There was a clear break above the 61.8% Fib retracement level of the recent downward move from the $31,900 swing high to $29,312 low. There was also a break above a major bearish trend line with resistance near $31,250 on the hourly chart of the BTC/USD pair. The pair jumped above the $31,500 level and the 100 hourly simple moving average. Finally, there was a break above the $32,000 resistance zone. It tested the $32,500 resistance zone. It seems like the bears were active near the 1.236 Fib extension level of the recent downward move from the $31,900 swing high to $29,312 low. Bitcoin price is now consolidating above the $31,500 level. Source: BTCUSD on TradingView.com The first major resistance is near the $32,500 level. If there is a close above the $32,500 resistance zone, the price is likely to accelerate higher. In the stated case, the price is likely to move towards the $33,500 level in the near term. Dip Supported in BTC? If bitcoin fails to climb above the $32,300 and $32,500 resistance levels, it could start a downside correction. An initial support on the downside is near the $31,500 level. The first major support is now near the $31,200 zone. A clear downside break below the $31,200 support may possibly put a lot of pressure on the bulls. The next key support is seen near the $30,500 level. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level. Major Support Levels – $31,500, followed by $31,200. Major Resistance Levels – $32,200, $32,500 and $33,000.