Why Bitcoin Price Could Eye Strong Recovery Above $41.5K

 2022-04-14 08:52:38

Bitcoin is correcting losses and trading above $41,000. BTC could gain bullish momentum above $41,350 and $41,500. Bitcoin price remained well bid above the $39,250 support zone. BTC formed a base and started a fresh increase above the $40,000 resistance zone.

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The bulls gained strength and were able to push the price above $40,500. Besides, there was a break above a connecting bearish trend line with resistance near $40,000 on the hourly chart of the BTC/USDT pair. The pair even broke the $41,000 resistance zone and settled above the 100 hourly simple moving average. An immediate resistance on the upside is near the $41,350 level.

 

The next key resistance could be $41,500. If the bulls able to clear the $41,350 and $41,500 resistance levels, the price could accelerate higher.

In the stated case, the price may perhaps rise towards the $41,800 resistance zone. Any more gains could set the pace for a move towards the $42,500 level in the near term.

If bitcoin fails to clear the $41,500 resistance zone, it could start another decline. An immediate support on the downside is near the $41,000 level.

The next major support is seen near the $40,550 level. A downside break below the $40,550 support zone could accelerate losses. In the stated case, the price could decline towards the $40,000 level or even $39,250.

 

Technical indicators:

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

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

Major Support Levels – $41,000, followed by $40,550.

Major Resistance Levels – $41,350, $41,500 and $41,800.


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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