Bitcoin Surged Higher From $35,000 Area – Can Break Over the Resistance Level?


Bitcoin bulls have regained momentum after bouncing from $35,000 to $36,000 support level. Bitcoin surged higher from $35,000 event area. Can the price break over $40,000 to $41,000 psychological resistance level in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.

June 17, 2021, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $39,200 price area and trying to push upside. After retracing towards $36,000 to $35,000 support level, the bulls have regained momentum and pushed the price higher quite impulsively, but failed to break over $40,000 to $41,000 significant resistance level. As per the current price action, the price may find support at the dynamic level of 20 EMA on the daily chart in the coming days.

Bitcoin Surged Higher As the Bulls Are Still Residing on the Market

Bitcoin is currently residing near $39,200 area and trying to recover upward. However, the price found support around $38,000 to $38,500 area and bounced higher with a 4-hour bullish candle close.

Bitcoin Surged

Image: BTC 4 Hour Chart

According to the 4-hour chart, Bitcoin surged higher and currently trading around $39,200 area. As per the current price action, the price may recover higher towards $40,000 to $41,000 area again in the coming days. So, if the price can break above $40,000 to $41,000 resistance area with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $42,500 to $43,000 area in the process. On the contrary, if the price rejects $41,000 to $40,000 resistance area with an impulsive bearish candle, the bears may regain momentum and push the price down towards $38,500 to $38,000 area in the days ahead.

In addition, the dynamic level of 20 EMA is currently residing below the price. So, it may work as strong support if the price can have an impulsive bullish candle close above it. Moreover, the Stochastic Oscillator lines are currently residing near the oversold level 20 and had a bullish crossover. It indicates that the bulls may continue further higher in the coming days.

BTC May Climb Further

According to the daily chart, Bitcoin surged higher as the bulls are still optimistic. As per the current scenario, if the price climbs higher and had an impulsive daily bullish candle close over $40,000 to $41,000 resistance area, the bulls may continue the bullish pressure towards $44,500 to $45,000 price area in the coming days. On the other hand, if the price can break below $38,500 to $38,000 support area with an impulsive bearish candle, the bears may push the price down towards $32,000 to $31,000 area again in the days ahead.

Bitcoin Surged

Image: BTC Daily Chart

Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upside in the process. However, the bears may regain momentum if the price can break below the dynamic level. Also, the MACD lines are currently residing below the 0.00 level and gradually moving upward. It indicates that the bulls may continue further higher in the days ahead.

To conclude, after an impulsive bullish breakout over $38,000 to $38,500 area, the price has successfully retraced down towards the dynamic level on the daily chart. As the overall momentum is bullish, there is a high chance that the bulls may continue further higher in the coming days.

Share Your Opinion, Write a Comment