• BTC/USD teasing falling wedge breakout on the hourly sticks.
  • 50-HMA could challenge the bulls’ commitment.
  • RSI edges higher above the midline, backing the upside break. 

Bitcoin (BTC/USD) is making another attempt towards the $40,000 mark in early Asian trades, having failed to find acceptance above that level last week.

From a short-term technical perspective, the no.1 coin is on the verge of confirming a falling wedge breakout should the price deliver an hourly closing above the falling trendline resistance at $38,713.

BTC/USD: Upside appears more compelling

BTC/USD: Hourly chart

The level is the powerful confluence zone, where the 21-hourly moving average (HMA) coincides. On validation of the upside break, the bulls could meet immediate resistance at the 50-HMA of $39,223.

Acceptance above the latter could expose the $40K mark, beyond which the buyers would target Saturday’s high of $40,997 en-route the all-time-highs of $41,987.

The Relative Strength Index (RSI) is holding firmer, currently at 53.29, above the midline. This makes a stronger case for the additional upside.

Alternatively, the abovementioned key confluence area around $38,720 could be tested on any pullbacks.

Further south, the horizontal 100-HMA at $38,376 could be put to test. A sharp sell-off could be in the offing below the latter, opening floors for a test of the falling trendline support at $36,991.

BTC/USD: Additional levels to watch

BTC/USD

Overview
Today last price 39042.34
Today Daily Change -225.86
Today Daily Change % -0.58
Today daily open 39268.2
 
Trends
Daily SMA20 34399.52
Daily SMA50 32587.89
Daily SMA100 25080.44
Daily SMA200 18169.06
 
Levels
Previous Daily High 40997.66
Previous Daily Low 38247.18
Previous Weekly High 38758.32
Previous Weekly Low 32206.92
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 39946.98
Daily Fibonacci 61.8% 39297.87
Daily Pivot Point S1 38011.03
Daily Pivot Point S2 36753.87
Daily Pivot Point S3 35260.56
Daily Pivot Point R1 40761.51
Daily Pivot Point R2 42254.82
Daily Pivot Point R3 43511.98

 

 


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