The crypto rollercoaster is back, especially that Bitcoin prices reached USD 40,000 and breached it slightly higher. Crypto traders were waiting for this specific price action. In fact, those guys are swing trading BTC prices between 30K and 40K and making good profits. After today’s 40K price breach, what should investors do? Short-sell at current prices or buy in anticipation of a 50K price reach?
Bitcoin Price Analysis – 40K price reached Successfullly
After an extended bearish trend, Bitcoin managed to consolidate around USD 35,000. Many traders benefited from this consolidation, as it usually signals a sideways trend. This is the perfect opportunity for day traders and swing traders to reduce their long-term holdings and switch to active trading. To explain this further, the trend becomes delimited by two areas: a buy area and a sell area.
Whenever prices reach the low area, traders directly buy the crypto. On the other hand, whenever prices reach a higher area, traders sell the crypto. For the specific case of today’s Bitcoin price-action, traders are buying whenever prices approach the 30K area and sell whenever prices reach the 40K area This is very apparent in figure 1 below, where we can see the green area representing a strong buy, and the red area representing a strong sell.
Will Bitcoin Price continue going up?
If we closely look at Bitcoin’s price, we can clearly deduce in figure 1 that Bitcoin’s price is due for a correction. This is especially true because BTC price reached a very strong resistance area. This resistance comes at the same time as the psychological price of 40K.
Having said that, Bitcoin’s price should adjust lower if prices were to continue upward. In figure 2, when plotting the Fibonacci retracement, we can expect prices to adjust towards the USD 37,000 area at the first stage. After this retracement, prices should pick up again and breach the 40K price again higher.
The Crypto Market at a Glance
In the past 24 hours, the crypto market was seen up in tandem with Bitcoin’s rise. This comes after several good news, such as El Salvador officially recognizing Bitcoin as a legal tender along with other countries. Also, the king of manipulation Elon Musk tweeted again about his past actions. He claimed that Tesla company is looking at accepting Bitcoins again after miners become 50% more efficient.
1- Bitcoin (BTC) : + 5.82 %
2- Ether (ETH) : + 4.34 %
3- Tether (USDT) : 0 %
4- Binance Coin (BNB): + 3.63 %
5- Cardano (ADA) : + 3.68 %
6- Dogecoin (DOGE) : + 1.38 %
7- Ripple (XRP) : + 2.86 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): + 16.01 %
10- Uniswap (UNI) : + 6.65 %
Stay Ahead, Stay Updated
Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
Bitcoin Price is shooting High! Is Bitcoin Back on Track to 60K?
$BTC Price reaches Strong Resistance – Will a Bitcoin 40K Price Happen?
Big News: Ripple Price is about to TRIPLE? This News Confirms…
Bitcoin Price Prediction – LAST Chance to Buy Bitcoin around 40K?
Bitcoin Price Prediction – THIS is why BTC price will reach 40K soon
Bitcoin Price is BACK ON TRACK – Should you BUY BTC?
Can Shiba Inu Price Reach 10 Cents?
Bitcoin Price Prediction – BTC reaching 50K again! Here’s what to do
Bitcoin Price loses 15% in 24 hours – Opportunity to BUY IN? Read on to see why WAITING is better
Conservative Prediction: Can XRP reach $5 in 2023?
Bitcoin Price Prediction – is Bitcoin REALLY eyeing 40k again?
Bitcoin is at a Critical Price! Will it SOAR UP or SINK LOW?
Bitcoin dips below 40K – Why is Bitcoin Price Down? Buy BTC ASAP?
The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
Crypto Comeback! Bitcoin up by more than 10%, Buy Bitcoin NOW?
What Will Happen to BITCOIN Prices? 2 Scenarios Traders are IGNORING
Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
Bitcoin Price DID IT! Reached 40k with no problem…Buy for 50k?
Breaking News – Bitcoin Price Falls below 60K, is the Bullrun Over?
Bitcoin Price UP above 20K – Is the Crypto Crash over?
You might also like
More from Bitcoin
Bitcoin Price Analysis: Can Bitcoin reach 50K soon?
Can Bitcoin reach 50k soon as a consequence of the US banking crisis? Let's assess in this Bitcoin price analysis …
What is the Bitcoin CME gap?
Trading Bitcoin can follow many strategies. Do you use FA or TA? Are you a day trader, swing trader, scalper, …
Why is Bitcoin Crashing? Will Bitcoin crash to 10K?
Will Bitcoin crash to 10K? In this Bitcoin price prediction, we analyze why is Bitcoin down and the potential next …