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Bitcoin Approaches $40K; Resistance at $43K-$45K
Narrow price zones could benefit short-term trades within the prevailing downtrend.
Updated May 11, 2023, 3:44 p.m. Published Mar 8, 2022, 7:30 p.m.
Bitcoin (BTC) has held support at $37,000 over the past few days, which could yield short-term upside targets toward the $40,000-$45,000 resistance zone. Support refers to the price level where a downtrend can be expected to pause because of a concentration of demand or buying interest.
The cryptocurrency was trading around $38,700 at press time and is up 3% over the past 24 hours. A decisive break above $40,000 could encourage additional buying into the Asia trading day.
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For now, narrow price zones could benefit short-term positioning among traders as most technical indicators are neutral.
A counter-trend exhaustion signal on the daily bitcoin chart, per the DeMARK indicators, appeared on Monday. That could point to short-term stabilization in price, although the previous signal on Dec. 29 did not result in a price bounce.
At times, when confirmed, reversal signals could be helpful for brief trades. For example, there was a technical set-up for a price reversal on Jan. 24, which preceded a 30% price rally. In a bear market, however, price swings tend to fade within the direction of the prevailing downtrend.
BTC will need to hold above $37,000 support and break through the $46,700 resistance level in order to signal a trend reversal.
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