Bitcoin (BTC/USD) Price Bounces, Hitting $40,000 Resistance
Bitcoin Price Prediction – February 26There 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, $47,500Support levels: $35,000, $32,500, $30,000BTC/USD – Daily ChartThe 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.
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