Bitcoin Price Analysis: BTC Bulls Aim Upside Break To $50K

• Bitcoin price started a strong increase above the $40,000 zone against the US Dollar.
• The price is now trading above $42,000 and the 55 simple moving average (4 hours).
• There is a major bullish trend line forming with support near $42,050 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
• The pair could continue to rise if it stays above the $42,000 support zone.

Bitcoin price is showing positive signs above $42,000 against the US Dollar. BTC might correct lower, but dips could be limited below the $40,000 zone.

Bitcoin Price Analysis

Bitcoin price started a strong increase above the $38,500 resistance zone. The price remained stable above the $38,500 level and traded in a positive zone.

There was a clear move above the $40,000 level and the 55 simple moving average (4 hours). The price even rallied above the $42,000 resistance zone. However, the price seems to be struggling near the $45,000 zone. A high was formed near $45,000 and the price is now consolidating gains.

The price traded below $44,000 but it is still above the 23.6% Fib retracement level of the upward move from the $37,612 swing low to the $45,000 high. The price is now trading above $42,000 and the 55 simple moving average (4 hours).

Immediate resistance on the upside is near the $44,500 level. The first major resistance is near the $45,000 level, above which the price could rise toward the $46,500 zone.

Any more gains might send the price toward the $48,000 zone. If there is no upside break, the price might start a downside correction below $43,200.

The next key support is near the $42,200 level. There is also a major bullish trend line forming with support near $42,050 on the 4-hour chart of the BTC/USD pair. Any more losses might call for a move toward the 50% Fib retracement level of the upward move from the $37,612 swing low to the $45,000 high at $41,300.

Looking at the chart, Bitcoin price is trading above $42,500 and the 55 simple moving average (4 hours). Overall, the price could continue to rise if it stays above the $42,000 support zone.

Related: Swiss City Lugano Accepts Bitcoin and Tether

Technical Indicators

• 4 hours MACD – The MACD is now gaining momentum in the bullish zone.
• 4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
• Key Support Levels – $42,500 and $42,000.
• Key Resistance Levels – $44,500, $45,000, and $46,500.