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Bitcoin (BTC/USD) Hits $40,000 Resistance While Rallying

May 30, 2021

#BITCOIN#BTC/USD#Technical Analysis

Bitcoin Price Prediction – May 30
In the recent wake of trying to rally from a falling force, the Bitcoin’s valuation as pairing with the US Dollar hit $40,000 resistance to now trade at a lower level of around $34,909. As of writing, the crypto-economy records a 0.45% increase.

BTC/USD Market
Key Levels:
Resistance levels: $40,000, $45,000, $50,000,
Support levels: $30,000, $25,000, $20,000

BTC/USD – Daily Chart
On May 26th day of the trading operation, a more notable fake upswing featured briefly past the $40,000 level only to pave a path for reversal forces in about the last three days’ sessions as depicted on the BTC/USD daily chart. Until the present time, the bearish trend-line drew southward across the SMAs to mark the $40,000 as a vital point below them. The 50-day SMA trend-line also remains intercepted by the 14-day SMA trend-line from the top. With a small opening of the hairs, the Stochastic Oscillators placed around range 80 briefly pointing toward the southbound to signify that a price downturn is somewhat ongoing in the crypto trading activities.

As the BTC/USD price hits $40,000resistance rallying, will it go dumping higher again?
There has been a return of downward forces in the BTC/USD market valuation. As a result, bulls’ effort made recently to recover has been decimated to a lower level to reset looking for support at a later time now. However, the degree of southward pushes exhibited in the market appears not to be in a high-violent manner. That puts bulls to the stance of needing to be alerted as well as the current falling forces seem to lack the catalyst of prolongation afterward.

As regards the continuation of the downward force of this market trend, more forces needed to be exerted at the level of $35,000 by bears. An eventual forceful breakdown of the point will most likely see the push through beyond achieving lower value underneath the support level of $30,000 in the process. On the contrary, a price rebounding against that level couple with a notable formation of a bullish candlestick will potentially give back a decent re-entry of an upswing.

BTC/USD 4-hour Chart
As price continually trading around the smaller SMA trend-line on the medium=term chart to the downside has depicted that the BTC/USD trend is still in a bearish outlook. Additionally, the bearish trend-line also remains drawn close above the points that price has kept at a lower high trading path. The 50-day SMA indicator as well is situated over the 14-day SMA trend-line to show that the crypto market is under falling pressure. The Stochastic Oscillators are consolidating between range 40 and the oversold region. That could in the long run cause an indecision trading situation. Therefore, either a further breakdown or a breakout will need to be awaited to have a definite market direction. And, the presumed range-bound positions may eventually feature around $34,000 and $31,000 levels at a later session.

Note: is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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