Bitcoin is trying to break the resistance at $ 40K and will probably succeed

Bitcoin is trying to break the resistance at $ 40K and will probably succeed

BTC headed for the $ 40K price range again, but strong resistance rejected it again.


8 Feb 2021 , 13:03 @ CRYPTOSCARFACE

Bitcoin is trying to break the resistance at $ 40K and will probably succeed

BTC headed for the $ 40K price range again, but strong resistance rejected it again.

Bitcoin is really serious about $ 40K, which confirms another attempt to cross that line. If we compare the situation from a month ago when BTC first got into this area, nowadays there are much higher chances that $ 40K will eventually be beaten.

The most important factors include the key support tested several times, which confirmed its functionality at $ 28K – $ 30K. It is this fact that currently creates a much higher chance that BTC will beat $ 40K and stay there, as BTC has consolidated and verified the authenticity of this support for almost a month.

Another factor is the cooling of the RSI indicator (1H-1D), which was well above the overbought limit in the first attempts, and many traders watching the TA responded with sales orders. At present, the RSI still has a sufficient margin and is below this threshold.

What else does technical analysis tell us?

  • Key support in the area of ​​$ 28K – $ 30K
  • Another confirmed support at $ 22.5K
  • 2. Key support at $ 19.5K
  • Strong resistance at $ 40K

Read also: Twitter CEO supports Bitcoin Blockchain and launches its own Bitcoin node

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