BTC price is struggling to break the $42,000 barrier. Yesterday, it went through a slight price correction. Clearly, the buyers provided good support for the price in the $40k zone. We should expect to see another bullish trend. Here is a summary of Bitcoin in the past 24 hours:
- Despite going through a correction, BTC price is once again wrestling with the $42k resistance level.
- As of right now, BTC is still under $43,000, yet the price candles are located above the SMA100.
- In the hourly chart, there is a triangle formed with the top part at $43,000
- BTC must breakthrough $43,000 for further notiable growth.
Following a strong growth and reaching $43,450, BTC price went for a slight correction. In the decline, it fell down to $40,000. However, the buyers managed to support the price at that point and prevented further decrease.
Subsequently, Bitcoin price began another bullish trend and was yet again faced by the $42,500 resistance level. Currently, BTC is under $43,000 and the price candles are above the SMA100. Taking a look at the hourly chart, there is a triangle formed with the top part at $43,000.
For the bullish scenario, by breaking the $42,500, Bitcoin price has to take over $43,000 next. The top part of the triangle is also located at $43k which is a crucial level to consider. In case of a breakthrough, we should expect further growth.
Surpassing the $43,000 would mean the $43,850 and $44,000 are the next resistance levels are next in line. In that case, there will be a solid chance of reaching $45,000. With that, the $45,000 and $45,500 will be important resistance levels to consider.
On the other hand, failing to surpass $42,500 and $43,000 would mean a bearish trend coming will follow.
For the bearish scenario, the first support level will be $41,500. It is closely located near the 23% Fibonacci retracement level (from the latest rise from $38,298 to $42,600). Also, the $41,500 is located near the bottom part of the triangle, giving it more significance. In case of failure to support the price, the $41,000 level will support the price next.
The primary support is $40,500. It is near the 50% Fibonacci retracement level and breaking it would mean coming down as low as $39,500 or $38,500.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a weak upward movement.
RSI: the 1-hour relative strength index is approximately 60.
Resistance levels: In case of further growth, $43,000 near the top part of the triangle is a crucial point to surpass.
Support levels: the $41,500 and $40,800 are the two important support levels. they will cause further decline if broken.
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