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Bitcoin Corrects Gains; Why Short-Term Dips Could Be Attractive
Bitcoin has risen beyond the $42,000 barrier level in relation to the US dollar. BTC is retracing its gains, although it may find support at the $40,000 mark.
Bitcoin’s climb continued, as it now trades over the $42,000 barrier level.
The price is now trading over $40,000 as well as the 100 hourly simple moving average.
On the hourly chart of the BTC/USD pair, a crucial bullish trend line is forming with support at $40,250. (data feed from Kraken).
Unless there is a closing below the 39,500 support zone, the pair may begin a new uptrend.
Bitcoin’s value falls.
Bitcoin’s price has held far above the $40,000 support level. BTC continued its advance and broke over the $42,000 barrier level.
The price even surpassed $42,500 and settled above the 100 hourly simple moving average. Before the price began to fall, a peak was established around $42,547. Below the $41,650 support level, there was a slight fall.
Bitcoin was trading below the 23.6 percent Fib retracement line of the upward advance from the swing low of $37,160 to the high of $42,547. It is now consolidating around the $40,800 mark. On the hourly chart of the BTC/USD pair, a crucial bullish trend line is…
