Bitcoin was well above the 40,750 support against the US dollar. BTC seems to be forming a bottom near $ 40,750 and it could start a strong rally.
- Bitcoin has recovered above the resistance levels of $ 41,500 and 42,000.
- Prices are now trading above the simple simple average of $ 42,500 and 100 hours.
- The hourly chart of the BTC / USD pair (data feed from Kraken) had a break above a key bearish trend line with resistance near $ 42,200.
- The pair could move further towards the অঞ্চ 44,200 resistance zone in the near term.
The value of Bitcoin increases
The price of Bitcoin remained strong above the 40,750 support level. As a result, BTC started a new rise above the মাত্র 41,500 resistance level. There was a clear break above 42 422,000 and above the 100-hour simple moving average.
Also, the hourly chart of the BTC / USD pair had a break above a key bearish trend line with resistance near $ 42,200. The pair has risen above the 50% Fib retracement level of the original fall, falling from a $ 44,325 swing high to a low of $ 40,771.
Bitcoin is now trading above the simple simple average of $ 42,500 and 100 hours. Side upward, an immediate resistance near the $ 43,200 level.
Source: BTCUSD on TradingView.com
The first big resistance is near the $ 43,500 level. It is near the 76.4% Fib retracement level of the পত 40,771 lowest fall from the $ 44,325 swing high. The next major resistance is near the 44,350 level, above which the price may accelerate further. In the described case, it could test the 45,500 resistance.
New fall in BTC?
If Bitcoin fails to clear the $ 43,500 resistance zone, it could start a new negative correction. On the downside an immediate support is near the $ 42,800 level.
The first major support is now near the $ 42,500 level and is building a simple simple average of 100 hours. A break below the $ 42,500 level could push the price to the $ 41,500 level. The original breakout support is still close to the $ 40,750 zone, below which there could be a sharp decline in the near term.
Hourly MACD – MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – RTC of BTC / USD is now above 50 level.
Key Support Level – $ 42,500, then $ 41,500.
Major resistance levels – $ 43,500, $ 44,350 and $ 45,500.