Bitcoin continues to be the most popular cryptocurrency. Bitcoin is now rising above $42,000 and may accelerate further above the $42,650 resistance zone.
- Bitcoin is trading in a strong uptrend above the $40,000 resistance zone.
- The price is trading well above $40,000 and the 100 hourly simple moving average.
- There is a key bullish trend line forming with support near $41,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to rise above the $42,650 resistance zone in the near term.
Bitcoin price is up for the year and is likely to go higher
Bitcoin price is at the $38,500 level and is looking to surpass the $40,000 zone. It is also moving above the 100 hourly simple moving average.
The price made a huge upward move, trading as high as $42,694. It is currently consolidating its gains and is preparing for the next move. The price is trading well above the 100 hourly simple moving average.
Besides, the price has formed a bullish trend line with support near $41,600 on the hourly chart of the BTC/USD pair. The pair is also trading well above the 23.6% Fib retracement level of the upward move from the $37,324 swing low to $42,694 high.
A breakout to the upside is expected to trigger an increase in price. A breakout above the $42,650 level could spark a further increase in price. A clear upside break above the $43,200 resistance level could spark a surge in price.
Dips Limited in BTC?
Bitcoin failed to start a fresh increase above $42,650 and it is currently consolidating above the $41,600 zone. The first major support is seen near the $40,000 zone.
The 50% Fib retracement level of the upward move from the $37,324 swing low to $42,694 high is $39,500. If the bears fail to protect $39,500, there could be a sharp decline in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $41,600, followed by $40,000.
Major Resistance Levels – $42,650, $43,200 and $45,000.
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