Why Bitcoin Needs To Clear $43,800 For Hopes of a Fresh Rally
Bitcoin is recovering losses and trading above $43,000. BTC must clear $43,800 to continue higher in the near term.
Bitcoin price extended decline below the $42,000 support zone yesterday. However, BTC found support above the $41,500 zone. A low was formed near $41,573 and the price started a decent recovery wave.
There was a break above the $42,000 and $42,500 resistance levels. The price climbed above the key decline from $41,570 low to $43,600 high. Besides, there was a break above a key bearish trend line with resistance near $42,250 on the hourly chart of the BTC/USDT pair.
Bitcoin is now trading above $43,000 and the 100 hourly simple moving average. It even broke the $43,500 resistance zone. However, the bulls are now facing resistance near the $43,800 zone. A clear move above the $43,800 resistance zone might send the price further higher. The next major resistance is near $44,850, above which the price might rise towards the $45,500 resistance level.
If bitcoin fails to continue higher above the $43,800 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,200 zone. The next major support is seen near the $42,850 level (the recent breakout zone). If there is a downside break below the $42,850 support zone, the price might start a fresh decline. The next support sits near $42,000, below which there is a risk of a new low below $41,570.
Technical indicators:
Hourly MACD – The MACD is now slowing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $43,000, followed by $42,850.
Major Resistance Levels – $43,800, $44,850 and $45,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Bitcoin price extended decline below the $42,000 support zone yesterday. However, BTC found support above the $41,500 zone. A low was formed near $41,573 and the price started a decent recovery wave.
There was a break above the $42,000 and $42,500 resistance levels. The price climbed above the key decline from $41,570 low to $43,600 high. Besides, there was a break above a key bearish trend line with resistance near $42,250 on the hourly chart of the BTC/USDT pair.
Bitcoin is now trading above $43,000 and the 100 hourly simple moving average. It even broke the $43,500 resistance zone. However, the bulls are now facing resistance near the $43,800 zone. A clear move above the $43,800 resistance zone might send the price further higher. The next major resistance is near $44,850, above which the price might rise towards the $45,500 resistance level.
If bitcoin fails to continue higher above the $43,800 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,200 zone. The next major support is seen near the $42,850 level (the recent breakout zone). If there is a downside break below the $42,850 support zone, the price might start a fresh decline. The next support sits near $42,000, below which there is a risk of a new low below $41,570.
Technical indicators:
Hourly MACD – The MACD is now slowing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is now above the 50 level.
Major Support Levels – $43,000, followed by $42,850.
Major Resistance Levels – $43,800, $44,850 and $45,500.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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