fxs_header_sponsor_anchor

Bitcoin Price Analysis: BTC bulls stay hopeful above 13-day-old support line

  • BTC/USD fades corrective pullback from short-term support line.
  • Bearish MACD, 21-day SMA probe the bulls eyeing two-week-long resistance line.
  • Sellers can target 50-day SMA on breaking the key support trend line.

BTC/USD drops to $35,400 during early Thursday’s trading. In doing so, the crypto major fizzles the previous day’s bounce off the key support line from January 04.

Considering the quote’s inability to extend the corrective pullback beyond 21-day SMA, coupled with bearish MACD, BTC/USD is expected to print a three-day losing streak.

However, the anticipated downside momentum could be less damaging to the overall bullish sentiment unless breaking the stated support line, at $33.680 now.

In a case where the BTC/USD bears dominate past-$33,680, the $30,000 threshold can offer an intermediate halt during the fall to the 50-day SMA level of $27,957.

Alternatively, an upside clearance of 21-day SMA, at $36,267 now, will recall the BTC/USD buyers targeting a short-term resistance line currently around $37,800.

During the quote’s further rise above $37,800, the $40,000 round-figure and previous week’s peak surrounding $40,115 can act as buffers before challenging the record top of $41,987.

BTC/USD daily chart

Trend: Pullback expected

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.