- Bitcoin price is attempting a fresh increase from the $40,500 zone against the US Dollar.
- The price is now trading above $42,000 and the 55 simple moving average (4 hours).
- There was a break above a key bearish trend line with resistance near $42,000 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it clears the $43,500 resistance zone.
Bitcoin price is rising from $40,500 against the US Dollar. BTC might eye another increase if the bulls remain active above the $41,200 zone.
Bitcoin Price Analysis
Bitcoin price started a fresh decline after it failed to clear the $45,000 resistance. BTC declined below the $43,500 and $42,000 support levels to enter a short-term bearish zone.
There was also a move below the $41,200 level. A low was formed near $40,150 and the price is now attempting a fresh increase. The bulls were able to push the price above the $41,200 level. The price is now above the 50% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low.
There was a break above a key bearish trend line with resistance near $42,000 on the 4-hour chart of the BTC/USD pair. Bitcoin price is now trading above $42,500 and the 55 simple moving average (4 hours).
Immediate resistance on the upside is near the $43,000 level. The next major resistance might be near the $43,500 zone or the 76.4% Fib retracement level of the downward wave from the $44,754 swing high to the $40,150 low. A clear move above the $43,500 and $43,550 resistance levels might send the price toward $44,500.
Any more gains might push the price toward the $45,000 zone. If there is no upside break, the price might start a fresh decline below the $42,000 level.
The first major support is $41,200. The next key support is near the $40,500 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $38,500 level.
Looking at the chart, Bitcoin’s price is trading above $42,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it clears the $43,500 resistance zone.
Technical Indicators
- 4 hours MACD – The MACD is now losing momentum in the bearish zone.
- 4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.
- Key Support Levels – $41,200 and $40,500.
- Key Resistance Levels – $43,000, $43,500, and $44,500.
