TA: Bitcoin Corrects From $40K, Why $35K Could Protect Losses

TA: Bitcoin Corrects From $40K, Why $35K Could Protect Losses


Bitcoin price surged above the $40,000 level before correcting lower against the US Dollar. BTC traded below $38,000, but it is likely to find a strong support near $36,500 or $35,200

Bitcoin extended its rally above the $38,000 and $40,000 resistance levels. The price started a downside correction from a new all-time high at $40,400, but it is still well above the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $37,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to find a strong buying interest near the $36,500 and $35,200 levels. Bitcoin Price Rallies To $40K

There was a strong upward move in bitcoin price above the $37,000 resistance level. BTC even broke the $38,000 and $38,500 resistance levels. Finally, there was a spike above the $40,000 level.

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The price traded to a new all-time high at $40,400 and

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