Bitcoin Chart had another successful bull run, strongly breaking through $40,000 resistance. The price managed to climb as high as $45,000 and then went for a price correction. Here is a summary of Bitcoin chart in the past 24 hours.
- Bitcoin broke through the $40,000 and $43,500 resistance levels.
- As of now, Bitcoin chart indicates the price being well above $42,000 and the 1-hour candles above the SMA100.
- For the 1-hour chart, the crucial resistance level for an upward trend has been broken at around $44,500.
- Bitcoin is currently facing a price correction but the buyers will likely support the price at $42,000.
Bitcoin Chart Price Action Analysis
BTC price surpassed $40,000 with a strong bull run. By breaking the $41,200 resistance level, BTC is on a good spot for further growth.
Following that, the $42,000 zone has been broken and the 1-hour candles stabilized above the SMA100. Finally, BTC successfully surpassed $43,500. At that point, the price managed to even move beyond $45,000 and reach $45,339.
Currently, Bitcoin chart indicates a downward price correction, bringing it below $45,000. BTC at this point is below $44,000. Taking a look at the 1-hour chart, an important support level at $44,500 has been broken.
The price is near the 23% Fibonacci retracement level (from the latest growth from $37,365 to $45,339). Right now, the price is ranging at around $43,000. In case of another bull run from this point, the $44,000 will be the first resistance level. However, the important resistance level is at $45,000.
In that case, stabilizing above $45,000 would mean a better chance of further growth. For that scenario, the next crucial resistance level will be at $46,500. By continuing the upward trend, the price could go as high as $48,000.
On the other hand, if Bitcoin fails to break through $44,000 and $45,000, we might face a short-term decline. For that scenario, the first support level is expected to be around $43,000.
However, the crucial support level is at $42,000 zone, near the SMA100. And the primary support after that will be $41,200. This range is close to the 50% Fibonacci retracement level from the latest growth.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on an upward movement.
RSI: the 1-hour relative strength index is currently below 50.
Resistance levels: Respectively, the $44,000, $44,500 and $45,000 are crucial.
Support levels: the $42,000 and $41,200, are important support levels to consider.
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