BTC Turns Green Above $42K –

• Bitcoin price started a fresh increase from the $34,500 support against the US Dollar.
• The price is now trading above $40,000 and the 55 simple moving average (4-hours).
• There was a break above a key bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
• The pair must clear $44,750 and then $45,800 to continue higher in the near term.

Bitcoin price climbed higher above the $40,000 resistance against the US Dollar. BTC even spiked $44,800 and might continue to rise in the near term.

Bitcoin Price Analysis

Bitcoin price formed a base above the $34,500 level. As a result, BTC started a major increase and broke many hurdles near the $38,000 level.

There was a break above a key bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair. The pair even climbed above the $40,000 zone and the 55 simple moving average (4-hours). There was a clear move above the $42,000 level.

A high was formed near $44,993 and the price is now consolidating gains. An immediate resistance is near the $44,750 level. The next major resistance on the upside is near the $45,000 level.

To start another increase, the price must settle above the $45,000 level in the near term. The next major resistance could be $46,600, above which the price could rise to $48,000. If there is no upside break, the price might start a decline below the $43,500 level.

The next key support is near the $43,000 level. It is near the 23.6% Fib retracement level of the upward move from the $37,020 swing low to $44,933 high.

The main support sits near $41,000 or the Fib retracement level of the upward move from the $37,020 swing low to $44,933 high, below which there is a risk of a move towards the $40,000 level. Any more losses might call for a test of the key $38,800 support zone.

Looking at the chart, bitcoin price is clearly trading above $40,000 and the 55 simple moving average (4-hours). Overall, the price must clear $44,750 and then $45,800 to continue higher in the near term.

Technical Indicators

4 hours MACD – The MACD is now losing momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now in the overbought zone.

Key Support Levels – $43,000 and $41,000.

Key Resistance Levels – $44,750, $45,000 and $46,600.

Tags: bitcoin, BTC