On
BTCUSDT , we can observe the formation of an upward price channel. This occurred as the price of Bitcoin consistently marked higher highs and higher lows over the past 2-3 weeks. This bullish momentum has brought BTC close to the significant resistance level of $38,150. If Bitcoin's price manages to close today's daily candle above this level, it could potentially extend its climb to $40,000.The possibility of BTC breaking the $40,000 barrier depends on the continued pressure exerted by the bulls. However, there remains a risk of the cryptocurrency retracing to the immediate support level in the coming days. A signal confirming this bearish scenario would be if BTC's daily trading session concludes below $38,150. In such a case, Bitcoin's price could drop as low as $35,120.
Should traders not perceive this support level as an attractive buying opportunity, it could pave the way for bears to push the cryptocurrency's value even lower, potentially reaching $32,700 in the following days.
Nevertheless, it appears that bullish sentiment is currently dominating. Over the next week, Bitcoin's price is expected to continue its strong performance. Technical indicators on the daily chart suggest the possibility of two significant bullish signals. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators support a positive short-term outlook. The RSI's upward movement towards the RSI Simple Moving Average (SMA) line indicates increasing buyer strength. If these two lines intersect in the next 24-48 hours, it will signal a substantial shift in momentum favoring the bulls.
Traders and investors should also take note that the MACD line is approaching the MACD Signal line. The narrowing gap between these two lines may indicate that Bitcoin's price is likely to continue its upward trend in the coming days.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.