Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K

 2022-04-21 09:44:56

Bitcoin climbed further above the $42,000 level. Bitcoin price extended increase above the $41,500 resistance zone. BTC even cleared the $42,000 resistance zone and settled above the 100 hourly simple moving average.

 

A high was formed near $42,235 before the price started a downside correction. There was a move below the $41,500 pivot level. The price even spiked below the $41,000 level, but it found support near the $40,900 level. A fresh base was formed and the price is now back above $41,500. Bitcoin now trading above $41,500 and the 100 hourly simple moving average.


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There is also a key bullish trend line forming with support near $41,725USDTpair. An immediate resistance on the upside is near the $41,725 level. The next key resistance could be $42,000. To start a strong upward move, the price must settle above the $42,000 zone and then clear $42,230. If the bulls succeed, the price could rise towards the $43,200 resistance zone.If bitcoin fails to clear the $42,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $41,250 level.

 

The next major support is seen near the $41,000 level and the trend line zone. A downside break below the trend line might send the price to $40,750 or the 100 hourly simple moving average.

 

Technical indicators:

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

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

Major Support Levels – $41,250, followed by $41,000.

Major Resistance Levels – $41,950, $42,200 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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