Bitcoin Revisits Breakout Zone, Can Bulls Make It?

 2022-03-24 08:24:41

Bitcoin started a fresh increase above the $42,500 resistance. BTC may soon attempt an upside break above the $43,500 resistance zone.

 

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Bitcoin price found support near the $42,000 zone after a downside correction. BTC formed a base and started a fresh increase above the $42,500 resistance zone. There was a clear move above the $42,800 level and the price settled above the 100 hourly simple moving average. The price even spike above the $43,000 level and formed a high near $43,288. It is now consolidating near the $43,000 level. Besides, there is a major bullish trend line forming with support near $42,300 on the hourly chart of the BTC/USDT pair.

 

On the upside, the price is facing resistance near the $43,300 level. The next major resistance could be near the $43,500 zone. A successful break and close above the $43,500 level might start another steady increase. In the stated case, the price might rise towards the $44,200 level. Any more gains could send the price towards the $45,000 level in the near term.

 

If bitcoin fails to clear the $43,500 resistance zone, it could correct further lower. An immediate support on the downside is near the $42,500 zone. The next major support is seen near the trend line and $42,300. The main support is still near the $42,000 zone. A downside break below the $42,000 support zone could start a drop towards the $40,500 level.

 

Technical indicators:

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

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

Major Support Levels – $42,500, followed by $42,000.

Major Resistance Levels – $43,300, $43,400 and $44,200.

 

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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