Despite yesterday’s decline in the price of Bitcoin to $38,000, the bulls did not give up and made a successful attempt to return Bitcoin to $40,000. By the end of yesterday’s session, the BTC/USD pair could return above $40,000. At the time of publication the BTC/USD pair is trading in the 40,400 area.
As we wrote in yesterday’s forecast, if the BTC/USD pair holds above 40,000, our assumptions will be correct. On the daily chart, the BTC/USD pair remains in an upward price channel, and yesterday’s decline was an attempt to break through the lower boundary of this channel. Their attempt was unsuccessful, and, most likely, now the BTC/USD pair will continue to move towards the upper border of this channel.
Apparently, our forecast is correct. However to continue rising, the BTC/USD pair must overcome the nearest resistance in the 40,550 area. The next important resistance may be the level of 41,000. A move above this level will boost growth and help the BTC/USD pair to go to the 41,800 area, having previously overcome the resistance in the 41,200 area.
If the strength of the bulls has run out in the 40,000 area, then the main task is to keep the BTC/USD pair above this level. A break down of this mark will send the BTC/USD pair to support 39,000.
