Bitcoin Price Analysis: BTC Could Surge Further Toward $40K
    Bitcoin price started a strong increase above the $37,500 zone against the US Dollar.
    The price is now trading above $37,000 and the 55 simple moving average (4 hours).
    There is a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
    The pair could continue to rise if it stays above the $36,500 support zone.

Bitcoin price is showing positive signs above $37,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $36,500 zone.

Bitcoin Price Analysis

Bitcoin price started a strong increase above the $36,500 resistance zone. The price remained stable above the $36,700 level and traded in a positive zone.

There was a clear move above the $37,500 level and the 55 simple moving average (4 hours). The price even rallied above the $38,000 resistance zone. However, the price seems to be struggling near the $38,400 zone. A high was formed near $38,425 and the price is now consolidating gains.

The price traded below $38,000 and the 23.6% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high. The price is now trading above $37,000 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $38,400 level. The first major resistance is near the $38,800 level, above which the price could rise toward the $39,500 zone.

Any more gains might send the price toward the $40,000 zone. If there is no upside break, the price might start a downside correction below $37,500 or the 50% Fib retracement level of the upward move from the $36,715 swing low to the $38,425 high.

The next key support is near the $36,700 level. There is also a major bullish trend line forming with support near $36,700 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the $35,000 support zone.

Bitcoin Price Analysis: BTC Could Surge Further Toward $40K

Looking at the chart, Bitcoin price is trading above $37,000 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $36,700 support zone.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $37,500 and $36,700.

Key Resistance Levels – $38,400, $38,800, and $40,000.

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2023-11-29 06:39