Bitcoin has held on above $40,000 for several days, and it is now trying to turn $42K as a strong support line. In this way, the price has the possibility to go further step by step.
From the hourly chart above, Bitcoin is now approaching the 100 hourly simple moving average. The immediate resistance line should be $42,500 and then 42,800.
If Bitcoin fails to stay still above the $42,000 resistance zone, it could be struggling around at this zone for few days. The $40,000 support line could still be strong support.
Hourly MACD – The MACD is slowly losing pace in the bearish zone.
Hourly RSI – The RSI is now above the 50-level.
Major Support Levels – $41,200, followed by $40,750.
Major Resistance Levels – $42,500, $42,600 and $42,800.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.