BTC was able to start a major increase after it cleared the $38,800 resistance zone yesterday afternoon. There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USDT pair. It opened the doors for a sharp increase above the $40,000 resistance and the 100 hourly simple moving average.
The price rallied over 12% and there was a clear move above the $42,000 resistance zone. It even cleared the $43,000 level and traded as high as $44,192.
Bitcoin is now consolidating. On the upside, an immediate resistance is near the $44,000 level. The first key resistance is near the $44,200 level. The main resistance is now near the $44,500 level. A clear move above the $44,500 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $45,000.
If bitcoin fails to clear the $44,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,000 zone. The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price might gain bearish momentum towards $40,500.
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is correcting from the overbought zone.
Major Support Levels – $43,000, followed by $42,500.
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.