Bitcoin Skyrocketed to 43K, Is Rally Over Yet?

 2022-03-22 09:17:52

Bitcoin price started a downside correction after it failed to clear the $42,500 resistance zone on March 19. BTC declined below the $42,000 level to move into a short-term bearish zone. There was a clear move below the $41,500 support zone and the 100 hourly simple moving average. The decline gained pace below the $41,200 support zone.

 

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The bulls were active above the $41,000 support zone several hours ago. It rose to $43,310 within hours and faced resistance there. Then it started to correct gains above $42,000 zone.

 

On the upside, The major resistance could be near the $42,650 zone. A successful break and close above the $42,650 level might start a steady increase. In the stated case, if the price rise above the $43,100 level could initiate a fresh move in the near term.

 

If bitcoin fails to clear the $42,500 resistance zone, it could continue to move down. An immediate support on the downside is near the $40,800 zone. The next major support is seen near the $40,500 level. The main support sits near the $40,000 zone. A downside break below the $40,000 support zone could push the price further lower towards $38,800.

 

Technical indicators:

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

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

Major Support Levels – $40,800, followed by $40,500.

Major Resistance Levels – $42,650 and $43,100.

 

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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