Bitcoin price failed to surpass the $43,500 and started a new downtrend. Currently, it is trying to recover and in case of breaking through $42,120 we can expect short-term growth. Here is a summary of Bitcoin price in the past 24 hours:
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- Bitcoin surpassed the $41,800 resistance level.
- Currently, the price is above $41,000 and the 1-hour candles are below the SMA100.
- For the 1-hour chart, we can see a triangle pattern with resistance level at $42,000.
Bitcoin Price Action Analysis
Bitcoin surpassed the $43,000 level and climbed as high as $43,500 but had to pivot downwards. Subsequently, the price lost the $42,800 and $42,400 support levels. At some point, BTC dipped below the $41,800 and the lowest recorded price is at $40,600. By reaching this level, it started a recovery process and regained $41,000.
Currently, the price is around $42,000 and the 1-hour candles are far below the SMA100. For the 1-hour chart, we can see a triangle pattern with resistance level at $41,120. On the daily chart, by drawing a trendline, we can see BTC has surpassed the resistance level for the downtrend. In case the pullback is finished, we can expect some bullish action.
The first resistance level for BTC is at $42,120 which is near the 23.6 Fibonacci retracement level from the latest fall from $47,068 to $40,91. This level is also near the resistance level for the downward trendline. Needless to say, surpassing this level is crucial for BTC. The next resistance level will be at $42,400 and $42,800. For the bullish scenario, the $43,000 and $43,500 will stand on the way. The $43,500 is near the 50% Fibonacci retracement level from the latest fall. This level is also near the SMA100.
On the other hand, if Bitcoin price fails to surpass the $42,120, the price would approach the bottom of the triangle pattern. In that case, the first resistance level is at $41,800. The next crucial support will be $41,250. This level is near the support level at the bottom of triangle and losing it would be detrimental. Further decline can bring the price closer to $40,600 and $39,000 levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on anupward movement.
RSI: the 1-hour relative strength index is currently 50.
Resistance levels: Right now, the $42,120 is the crucial resistance level for BTC.
Support levels: The $41,250 and $41,600 are currently the crucial support levels for the price.
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