CRYPTO

Bitcoin prints bullish pattern, why closing above $ 44K is critical


The price of Bitcoin has started a decent rise above $ 42,000 against the US dollar. BTC is now looking at a key reversal break above the $ 44,000 resistance zone.

  • Bitcoin started a recovery wave above the resistance levels of $ 42,000 and $ 43,000.
  • Prices are still trading below 44 44,000 and below the 100-hour simple moving average.
  • The BTC / USD pair (data feed from Kraken) had a break above a large bearish trend line with resistance near $ 42,500 per hour on the chart.
  • The pair could accelerate further if there is a clear break above $ 44,000.

Bitcoin prices begin to recover anew

The price of Bitcoin has bid well above the $ 42,000 level. BTC has built a support base and started a decent rise above $ 42,500.

The BTC / USD pair had a break above a major bearish trend line with resistance near $ 42,500 on the hourly chart. The pair has risen above the মাত্র 43,000 and $ 43,500 resistance levels. It even tested the 44,000 level.

However, the Bulls are fighting for power above $ 44,000. Bitcoin is still trading below 44 44,000 and a simple simple average of 100 hours. A high is formed around $ 44,024 and the price is now consolidating gains.

It even raised the recent rise from $ 39,579 to .6 44,024 by checking the 23.6% Fib retracement level. Side upward, an immediate resistance near the 44,000 level. The first major resistance is near the $ 44,200 level and the simple simple average of 100 hours.

Source: BTCUSD on TradingView.com

A clear break above $ 44,000 and, 44,200 could start a strong rise. The next major resistance is near the 45,000 zone, above which the price may move towards the $ 47,000 resistance.

Dips Limited in BTC?

If Bitcoin fails to clear the $ 44,000 resistance zone, it could start a new fall. On the downside an immediate support is close to the $ 43,000 level.

The next major support is around the 42,000 zone. The 50% fib retracement level of the recent rise from $ 39,579 swing low to 44 44,024 is also close to the $ 42,000 zone. A break below the $ 42,000 zone could start a new fall. In the case described, the price may reconsider the 40,000 level even in the near term.

Technical indicators:

MACD per hour – MACD is slowly gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now above 50 level.

Major support level – $ 43,000, followed by $ 42,000.

Major resistance levels – $ 44,000, $ 44,200 and $ 45,000.



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