Bitcoin price bounced back from $39,700 with a strong uptrend. Currently, it is on a quick recovery and is likely to surpass $43,500. Here is a summary of Bitcoin price in the past 24 hours:
Buy and sell Bitcoin with the lowest exchange fees on HiExchange .
- Bitcoin had a spike falling as low as $39,600 but the buyer did not allow it to go further down.
- Currently, the price is above $42,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, BTC surpassed the resistance level of a downward trendline at $41,800.
- It is likely that the price will continue upward and reach $$3,500 in short-term.
Bitcoin Price Action Analysis
BTC had a strong decline coming down below $40,500 and even $40,000 with a low of $39,659. Following that, Bitcoin regained the $40,000 level thanks to the buyers. At that point, BTC quickly surpassed the $40,500 and $41,200. The price finally moved above the 50% Fibonacci retracement level from the latest fall from $42,739 to $39,659.
Furthermore, looking at the 1-hour chart, we can see BTC surpassing the $41,800 which is a key level. Currently, the price is above $42,000 and the 1-hour candles are above the SMA100.
The first resistance level is at $42,750 followed by $43,500 which is near the 1.32$ Fibonacci retracement level. Further growth can bring the price close to $44,500 and $45,500. However, it is also possible that the sellers would not allow another pump.
On the other hand, if Bitcoin price fails to surpass $43,500, there could be a new downtrend. In that case, the first support level is expected to be $41,800 and the SMA100. The next key support level will be $41,500 and the broken trendline. If Bitcoin price loses this level, the price can once again approach $41,000. Further growth can push BTC below $40,000.
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 above 50.
Resistance levels: Right now, the $42,750, $43,000 and $43,500 are the crucial resistance levels for BTC.
Support levels: The $41,500 and $40,500 are currently the crucial support levels for the price.
HiExchange
HiExchange is a decentralized online platform to exchange your cryptocurrencies and e-currencies. We utilize an automated system to determine the best exchange rates at any moment. Furthermore, HiExchange does not require KYC or a sign-up process. Backed by 24/7 customer support, our great reviews on OkChanger and Trustpilot is a testament of our good will. We are on Bestchange and are always amongst the top exchanges.
To learn how to exchange your cryptocurrencies to PayPal you can read our instructional article.
For more instructional content, you can always visit HiExchange Blog
