Bitcoin Attempts Fresh Increase, Why Upsides Remain Capped

 2022-03-15 06:25:47

Bitcoin attempted a fresh increase above $39,500. BTC is still facing a strong resistance near $39,800 and $40,000.

 

Bitcoin price started a recovery wave above the $38,200 resistance level. BTC even spiked above the $38,500 resistance level, but it faced a strong resistance.

 

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During the recovery, there was a break above a key bearish trend line with resistance near $38,750 on the hourly chart of the BTC/USDT pair. The pair climbed above the $39,800 level and the 100 hourly simple moving average. However, it faced a strong resistance just below the $40,000 level.

 

A high was formed near $39,899 and the price corrected gains. There was a move below the $39,500 level. It is now trading near $39,000 and the 100 hourly simple moving average. An immediate resistance on the upside is near the $39,550 zone. The next major resistance could be near the recent high or $39,900. The main breakout resistance is still near the $40,000 zone. A close above the $40,000 resistance zone could open the doors for a steady increase. In the stated case, the price could rise towards the $42,000 resistance zone.

 

If bitcoin fails to clear the $39,550 resistance zone, it could continue to move down. An immediate support on the downside is near the $38,750 zone. The main support sits near the $38,500 level, below which there is a risk of a sharp decline.

 

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is near the 50 level.

Major Support Levels – $38,750, followed by $38,500.

Major Resistance Levels – $39,550, $39,900 and $40,000.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.


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