Bitcoin Price Rises And Breaks Through The $40,000 Barrier

The price of Bitcoin (BTC) surpassed its high of $38,400 on December 1 and has maintained its upward trend ever since.

Bitcoin price long-term forecast: bullish

Buyers have broken above the $38,400 resistance after four attempts at the recent high. The price indication predicts that the positive momentum will continue but will reverse at the recent high.

A retraced candlestick body on the November 16 bounce tested the 78.6% Fibonacci retracement line. The retracement suggests that bitcoin price will rise but reverse at the $41,283.50 level or the Fibonacci extension of 1.272. The Bitcoin price has risen to a high of $41,434 by this point.

Bitcoin indicator reading

Bitcoin is steadily rising as long as the price bars remain above the lines representing the upward moving average. The price bars are near the support line of the 21-day moving average line. The largest cryptocurrency will continue to rise as long as it finds support above the 21-day simple moving average. BTC is also trading in the overbought area of the market.

Technical indicators:

Key resistance levels – $30,000 and $35,000

Key support levels – $20,000 and $15,000

What's next for BTC/USD?

The largest cryptocurrency has risen above the psychological $40,000 mark. The bulls had little trouble overcoming the $40,000 mark. According to price indications, the current positive trend will extend to a high of $42,500.

On November 30, Coinidol.com reported that Bitcoin price has continued its uptrend above the 21-day (SMA) and has risen just above the $38,000 high. 

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.