- 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.
