This week bitcoin seems to be gaining momentum towards the upside even though there is a weakness in the trend.
The previous resistance at $34,647 after it was surpassed and broken to the $42,000 level is now tested again as support.
There have been several reactions about this level, $34,647 and we hope to see where it takes the bitcoin price to next.
Considering the MACD signals. It explains that the price of bitcoin is ascending gradually as the MACD moving averages have crossed upwards and the histogram shows the ascension.
If the price reaches $40,000 then the uptrend will continue and then break above $42,000 to a new all-time high.
Looking at the technical indicators:
- Major Support Level – $34,647
- Major Resistance Level – $42,000
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