Bitcoin started a fresh rise above the $40,000 resistance against the US Dollar. BTC remains supported and could bounce back above the $41,500 resistance.
Bitcoin reclaimed the $40,000 level and could continue to go higher. The price is trading above $40,200 and the 100 hourly simple moving average. There is a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower, but the bulls could remain active near the $40,000 zone.
Bitcoin Price Remains High
Bitcoin price spiked towards the $41,500 level before facing sellers. BTC reacted lower and even dipped below the $40,000 level.
However, the bulls were active near the $39,000 zone and the 100 hourly simple moving average. There is also a major uptrend line forming with support near $39,850 on the hourly chart of the BTC/USD pair. A low was formed near $39,300 and the price started a new rise. There was a clear move above the $40,000 resistance zone.
Bitcoin even broke above the $40,800 level. It is now consolidating near the $41,000 resistance zone. There was a test of the 23.6% Fib retracement level of the upward move from the $39,308 low to $41,470 high.
Source: BTCUSD on TradingView.com
On the upside, the price is facing resistance near the $41,200 level. The next major resistance could be near the recent high of $41,600. A clear move above the $41,600 level could open the doors for another rally. In the indicated case, the price could rise towards the $42,500 level. More gains could send the price towards the $43,200 level in the short term.
Dips supported in BTC?
If Bitcoin fails to clear the $41,600 resistance zone, a downward correction could start. An immediate support on the downside is near the $40,500 zone.
The next big support is seen near the $40,300 level. It is near the 50% Fib retracement level of the up move from the $39,308 low to $41,470 high. Major support is still near the $40,000 zone, below which the price could test $39,000.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is well above the 50 level.
Major support levels: $40,500, followed by $40,000.
Major resistance levels: $41,200, $41,600 and $42,500.
This post Bitcoin Price Eyes Another Key Bullish Break Above $41.5K
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