At the time of writing, the flagship cryptocurrency trades at $36,600 after holding at two key levels. Initially, the 50 ( ) ensured that losses do not stretch to $35,000 while a bit of push upward brought BTC above the 100 on the four-hour, currently functioning as the critical short-term support.
Bitcoin bulls focus on securing higher support and gaining ground above $40,000
The Moving Average Convergence Divergence ( ) has a impulse on the four-hour chart. This is a technical indicator following the trend of an asset and measuring its momentum. The rarely shows oversold and overbought conditions. However, it identifies positions where traders can buy the dip or sell the bottom.
Note that a buy signal occurs when the line crosses above the signal line. The move implies that buyers are gaining immense traction as sellers begin to lose ground. Note that if the moves above the zero line, the market generally starts to trend north, as shown on the Bitcoin chart.
Bitcoin needs to make a four-hour close above the 100 support to validate the uptrend to $40,000. The ( ) is not overbought yet; therefore, bulls have more room for growth in the near term. Following a break above $40,000, traders should anticipate resistance at the 200 . If broken, attention will shift toward $44,000 and $50,000, respectively.
Bitcoin intraday levels
Spot rate: $36,600
Resistance: $39,000 - $40,000 and the 200
Support: 100 and $36,000