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Technical market outlook of Bitcoin (cryptocurrency) :
Trading Bitcoin (BTC/USD) :
Bitcoin is at highest against the dollar around the spot of $ 39k since weeks - Bitcoin is inside in upward channel. Since three weeks BTC/USD decreased within an up channel, for that Bitcoin its new highest $ 39k.
Consequently, the first support is set at the level of $ 33,9606. Hence, the market is likely to show signs of a bullish trend around the area of $ 38k and $ 39k.
Bitcoin price could be awaiting a major upswing if the digital savings manages to slice above a fatal line of the first resistance that sets at the price of $ 33,9606 (Horizontal blue line).
The prevailing chart pattern suggests that if the leading cryptocurrency could be expecting to rebound from the levels of $ 39k and $ 42k.
Moreover, if the BTC/USD fails to break through the support prices of $ 39k today, the market will rise further to $ 42k so as to try to break it.
Bitcoin is one the best overall investment for 2022. However, if you want to try to improve the growth of Bitcoin, thus it seems great to buy above the last bearish waves of $ 39k.
Buy orders are recommended above the majors sypport rates of ($ 39k) with the first target at the level of $ 42k.
Furthermore, if the trend is able to breakout through the first resistance level of $ 42k (41,987 - to test the 61.8% of Fibonacci retracement levels). . We should see the pair climbing towards the next target of $ 42,950.
The pair will move upwards continuing the development of the bullish trend to the level $ 41,987 - golden ratio 61.8%. It might be noted that the level of $ 42,950 is a good place to take profit because it will form a new double top in coming hours.
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