Bitcoin Price Rally Pauses But Upsides Could Restart

 2022-01-13 07:08:10

Bitcoin price gained pace after there was a close above the $42,000 resistance zone. BTC even climbed above the $43,200 resistance zone and a close above the 100 hourly simple moving average. The price even spiked above the $44,000 level. A high is formed near $44,348 and the price is now correcting gains. It traded below the $44,000 support level.


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Besides, there is a major bullish trend line forming with support near $43,200 on the hourly chart of the BTC/USDT pair. Bitcoin is now trading above $42,500 and the 100 hourly simple moving average.

 

On the upside, an initial resistance is near the $44,000 level. The next major resistance is near the $44,200 level and the recent high. Any more gains could pump the price towards the $45,000 level. The next major resistance is near the $45,500 level.

 

If bitcoin fails to continue higher above $44,000, it could continue to move down. An immediate support on the downside is near the $43,400 zone. The first major support is near $43,200 and the bullish trend line. A downside break below the trend line support could lead the price towards the $42,200 level and the 100 hourly SMA. Any more losses might push the price towards the $41,500 support zone in the coming sessions.

 

Technical indicators:

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

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

Major Support Levels – $43,400, followed by $43,200.

Major Resistance Levels – $44,000, $44,200 and $45,000.

 

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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