Bitcoin saw an impressive 20% price hike this week as it reached the $40K resistance level. The cryptocurrency penetrated above a descending wedge formation last Thursday and continued above the 20-day MA level last Friday.
Since breaking the wedge, BTC surged higher inside an ascending price channel as it broke the 50-day MA level for the first time since May and continued to hit the $40k resistance. It did spike above $40K, reaching $40,500 (bearish .382 Fib) but was unable to close a daily candle above the coveted level. The resistance there is further bolstered by the 100-day MA.
Since then, BTC rolled over and broke beneath $39,000 today. As a result, BTC is now trading below the ascending price channel.
Looking ahead, if the sellers push lower, the first