The Bitcoin (BTC) market did not fall as it did in the past weekend and closed in the positive zone above $ 34,000. Last week we saw dips from $35,000 to $33,000 with low trading volumes.
At the beginning of the new week, we see that the first crypto money changed hands to the 34,000 dollar band in the morning, starting with buyers. Currently, the 50 and 100 SMAs on the 4-hour chart can be followed as important support points.
The target for Bitcoin price is $40,000 again
Today, after a 4-hour open and closing candle formation above $34,000, the 200 SMA could act as a key resistance point. The decisive overcoming of this obstacle can be interpreted as a development that will give confidence to the uptrend. Also, if Bitcoin stays above the 200 SMA today, it may increase the odds for it to settle in the $40,000 band.
MACD, one of the important indicators frequently followed by the market, supports the rise with its position in the positive zone. MACD is also known as a useful indicator for determining the trend with its current signals. The fact that there are few resistance points on the uptrend this week is also a positive factor. On the other hand, seeing that the 12-day EMA crosses the 26-day EMA value can be interpreted as another sign that will support the rise.
BTC/USD 4-hour chart
Another indicator that supports the rise is the RSI. The Relative Strength index has turned its direction into the overbought region with its position above the middle line of 50. RSI provides a calculation that follows the trend and shows the strength of the trend. In the current bullish situation, the RSI to be above 50 indicates that the uptrend is strong.
All these signs support the $40,000 journey for now. However, the fact that the direction of the wind in the market changes very quickly should never be forgotten.
Daily critical levels for Bitcoin
Spot rate: $34,420
Support: $34,000 and $32,000
Resistance: $35,000 and $36,000