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Bitcoin Price Analysis: BTC Eyes Fresh Increase To $43K

Summary:
Bitcoin price extended decline below the ,000 zone against the US Dollar. The price is now trading above ,000 and the 55 simple moving average (4-hours). There was a break above a major bearish trend line with resistance near ,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase). The pair could start a steady increase if there is a move above the ,000 level. Bitcoin price is recovering above ,000 against the US Dollar. BTC could recover further if it breaks the ,000 and ,000 resistance levels. Bitcoin Price Analysis Bitcoin price failed to clear the ,000 resistance zone. As a result, BTC started a fresh decline and traded below the key ,500 support zone. There was a clear move below the ,000 level and the 55 simple

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  • Bitcoin price extended decline below the $40,000 zone 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 major bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair could start a steady increase if there is a move above the $42,000 level.

Bitcoin price is recovering above $40,000 against the US Dollar. BTC could recover further if it breaks the $42,000 and $43,000 resistance levels.

Bitcoin Price Analysis

Bitcoin price failed to clear the $43,000 resistance zone. As a result, BTC started a fresh decline and traded below the key $41,500 support zone.

There was a clear move below the $40,000 level and the 55 simple moving average (4-hours). The price even spiked below the $39,000 level. A low is formed near $38,550 and the price is now correcting losses. There was a move above the $40,000 resistance zone and the 55 simple moving average (4-hours).

There was a break above a major bearish trend line with resistance near $41,000 on the 4-hours chart of the BTC/USD pair. The pair surpassed the 23.6% Fib retracement level of the downward move from the $47,470 swing high to $38,550 low.

An immediate resistance on the upside is near the $42,000 level. The next major resistance on the upside is near the $43,000 level. It is near the 50% Fib retracement level of the downward move from the $47,470 swing high to $38,550 low.

To start another increase, the price must settle above the $43,000 level in the near term. If there is no upside break, the price might start a fresh decline below $40,500. The next key support is near the $40,000 level. Any more losses might call for a test of the key $38,500 support zone, where the bulls might take a stand.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $40,000 and the 55 simple moving average (4-hours). Overall, the price could start a steady increase if there is a move above the $42,000 level.

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 – $40,500 and $40,000.

Key Resistance Levels – $42,000, $43,000 and $44,200.

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