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Monday, May 16, 2022
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    HomeMarketWhy BTC Could Surge Further

    Why BTC Could Surge Further

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    Bitcoin is trying an upside break above the $38,800 resistance zone in opposition to the US Greenback. BTC may rally additional except it fails to remain above $37,400.

    • Bitcoin began a contemporary enhance and was in a position to clear the $38,000 resistance zone.
    • The worth is now buying and selling above $37,500 and the 100 hourly easy transferring common.
    • There was a break above a significant bearish development line with resistance close to $37,450 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
    • The pair may proceed to rise if there’s a clear transfer above the $38,800 resistance zone.

    Bitcoin Value Begins Contemporary Enhance

    Bitcoin worth corrected decrease under the $38,000 pivot level. BTC even traded under $37,000, however the bulls have been energetic close to the $37,650. A low was shaped close to $36,667 and the value began a contemporary enhance.

    There was a transparent transfer above the $37,500 resistance zone and the 100 hourly simple moving average. Moreover, there was a break above a significant bearish development line with resistance close to $37,450 on the hourly chart of the BTC/USD pair.

    The pair surged above the $38,000 resistance zone. A excessive is shaped close to $38,786, and bitcoin is now going through a significant resistance close to the $38,800 zone.

    It’s at the moment buying and selling close to the 23.6% Fib retracement degree of the upward transfer from the $36,667 swing low to $38,786 excessive. On the upside, an preliminary resistance is close to the $38,500 degree.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    The primary main resistance is close to the $38,800 zone. A transparent transfer above the $38,800 zone may push the value additional increased. The following key resistance is close to the $39,500 zone. If the bulls in a position to clear the $39,500 degree, the value might maybe clear the $40,000 resistance zone.

    Downsides Restricted in BTC?

    If bitcoin fails to begin a contemporary enhance above $38,800, it may begin a draw back correction. A right away assist on the draw back is close to the $38,000 zone.

    The primary main assist is seen close to the $37,750 zone. It’s close to the 50% Fib retracement degree of the upward transfer from the $36,667 swing low to $38,786 excessive. A draw back break under the $37,500 assist zone might maybe push the value in the direction of the $37,000 assist zone.

    Technical indicators:

    Hourly MACD – The MACD is now dropping momentum within the bullish zone.

    Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now above the 50 degree.

    Main Help Ranges – $37,500, adopted by $37,000.

    Main Resistance Ranges – $38,500, $38,800 and $40,000.



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