Thanks to yesterday's tweet by Elon Musk, Bitcoin gained momentum and was able to overcome the mark of 40000. The BTC/USD pair reached a high of 41050 dollars. At the time of publication, the BTC/USD pair is trading at around 40000.
Now, the BTC/USD pair is trading above the 100-hour moving average and the level of 38000 provides ample support for the pair. However, if the BTC/USD pair falls below the level of 40000, there is an intermediate support level around 39650.
On the hourly chart of the BTC/USD pair, an ascending channel is forming, limiting the pair by the levels of 36400 and 41500. If we see a breakout above the border of the ascending channel, we will see the activation of the bulls and the rise of the pair to the area of $45000. At the same time, the BTC/USD pair will need to overcome resistance in the areas of $41800 and $42000.
If the bulls fail to keep the BTC/USD pair above the level of $40000, it may begin a downward correction. In this case, the nearest intermediate support is at $39650. A break below this level will lead to a decline in the price of BTC to the area of $38000 area. The further decline will lead to a test of the 100-hour moving average.