Bitcoin Bounces To $42K, Why BTC Could Recover To $43.5K

 2022-01-11 07:25:54

Yesterday, Bitcoin price extended decline below the $40,500 support level. BTC even spiked below the $40,000 level and traded as low as $39,659. Recently, there was a sharp recovery wave above the $40,000 level. The price climbed higher above the $40,500 and $41,200 resistance levels.


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Besides, there was a break above a key bearish trend line with resistance near $41,800 on the hourly chart of the BTC/USDT pair. Bitcoin is now trading above $42,000 and the 100 hourly simple moving average.

 

On the upside, the first major resistance is near the $42,750 level. The next major resistance is near the $43,500 level. Any more gains could pump the price towards the $44,500 level. The next major resistance is near the $45,500 level, where the bears might emerge.

 

If bitcoin fails to recover above $43,500, it could start a fresh decline. An immediate support on the downside is near the $41,800 zone and the 100 hourly SMA. The first major support is near $41,500 and the broken trend line. A downside break below the trend line support could lead the price towards the $41,000 level. Any more losses might push the price towards the $40,000 support zone in the coming sessions.

 

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is now near the 50 level.

Major Support Levels – $41,500, followed by $40,500.

Major Resistance Levels – $42,750, $43,000 and $43,500.

 

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.

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