Bitcoin Price Eyes Another Key Upside Break Above $41.5K

 2022-03-17 07:13:44

Bitcoin started a fresh increase above the $40,000 resistance. BTC remains supported and might rally again above the $41,500 resistance.

 

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However, the bulls were active near the $39,000 zone and the 100 hourly simple moving average. There is also a major bullish trend line forming with support near $39,850 on the hourly chart of the BTC/USDT pair. A low was formed near $39,300 and the price started a fresh increase. There was a clear move above the $40,000 resistance zone.

 

Bitcoin even climbed above the $40,800 level. It is now consolidating near the $41,000 resistance zone. On the upside, the price is facing resistance near the $41,200 level. The next major resistance could be near the recent high or $41,600. A clear move above the $41,600 level could open the doors for another rally. In the stated case, the price might rise towards the $42,500 level. Any more gains might send the price towards the $43,200 level in the near term.

 

If bitcoin fails to clear the $41,600 resistance zone, it could start a downside correction. An immediate support on the downside is near the $40,500 zone. The next major support is seen near the $40,300 level. The main support is still near the $40,000 zone, below which the price might test $39,000.

 

Technical indicators:

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

Hourly RSI (Relative Strength Index) The RSI 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.

 

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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