Bitcoin climbed further above the $42,000 level against the US Dollar. BTC is showing positive signs and might rally further above $42,200.
Bitcoin remained well supported above the $41,000 and $41,100 levels.
The price is now trading above $41,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a strong upward move if it settles above the $42,000 resistance zone.
Bitcoin Price Gains Pace
Bitcoin price extended increase above the $41,500 resistance zone. BTC even cleared the $42,000 resistance zone and settled above the 100 hourly simple moving average.
A high was formed near $42,235 before the price started a downside correction. There was a move below the $41,500 pivot level. The price even spiked below the $41,000 level, but it found support near the $40,900 level.
A fresh base was formed and the price is now back above $41,500. Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low. It is now trading above $41,500 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $41,725USD pair. An immediate resistance on the upside is near the $41,725 level.
Source: BTCUSD on TradingView.com
The 61.8% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low is also near the $41,725 level. The next key resistance could be $42,000. To start a strong upward move, the price must settle above the $42,000 zone and then clear $42,230. If the bulls succeed, the price could rise towards the $43,200 resistance zone.
Dips Supported in BTC?
If bitcoin fails to clear the $42,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $41,250 level.
The next major support is seen near the $41,000 level and the trend line zone. A downside break below the trend line might send the price to $40,750 or the 100 hourly simple moving average.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $41,250, followed by $41,000.
Major Resistance Levels – $41,725, $42,000 and $42,500.
Bitcoin climbed further above the $42,000 level against the US Dollar. BTC is showing positive signs and might rally further above $42,200.
Bitcoin remained well supported above the $41,000 and $41,100 levels.
The price is now trading above $41,500 and the 100 hourly simple moving average.
There is a key bullish trend line forming with support near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start a strong upward move if it settles above the $42,000 resistance zone.
Bitcoin price extended increase above the $41,500 resistance zone. BTC even cleared the $42,000 resistance zone and settled above the 100 hourly simple moving average.
A high was formed near $42,235 before the price started a downside correction. There was a move below the $41,500 pivot level. The price even spiked below the $41,000 level, but it found support near the $40,900 level.
A fresh base was formed and the price is now back above $41,500. Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low. It is now trading above $41,500 and the 100 hourly simple moving average.
There is also a key bullish trend line forming with support near $41,725USD pair. An immediate resistance on the upside is near the $41,725 level.
Source: BTCUSD on TradingView.com
The 61.8% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low is also near the $41,725 level. The next key resistance could be $42,000. To start a strong upward move, the price must settle above the $42,000 zone and then clear $42,230. If the bulls succeed, the price could rise towards the $43,200 resistance zone.
If bitcoin fails to clear the $42,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $41,250 level.
The next major support is seen near the $41,000 level and the trend line zone. A downside break below the trend line might send the price to $40,750 or the 100 hourly simple moving average.
Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $41,250, followed by $41,000.
Major Resistance Levels – $41,725, $42,000 and $42,500.
Tags: bitcoinbtcusdBTCUSDTxbtusd
FeedzyRead More
The Bitcoin price volatility is once again drawing attention to MicroStrategy, the company whose strategy…
Bitcoin Magazine Vivek Ramaswamy’s Strive Urges MSCI to Rethink Bitcoin Index Exclusion Strive Asset Management…
Bitcoin has been struggling to build momentum in recent weeks, and the return of cash…
The White House's new National Security Strategy emphasizes increased global fiscal expansion and military spending.Read…
Bitcoin is trading around $91,000 after a minor dip earlier today, and uncertainty continues to…
Bitcoin Magazine Bitcoin Price Craters to $88,000, But JPMorgan Maintains $170,000 Target Bitcoin price plunged…
