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Bitcoin Price Analysis: BTC Eyes Rally Above $43K

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  • Bitcoin price started a fresh increase from the $40,000 zone against the US Dollar.
  • The price is now trading above $42,000 and the 55 simple moving average (4-hours).
  • There is a major bullish trend line forming with support near $42,400 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair must clear $43,000 and then $43,200 to start another increase in the near term.

Bitcoin price is eyeing an upside break above the $43,000 resistance against the US Dollar. BTC could rally if there is a clear move above $43,000 and $43,200.

Bitcoin Price Analysis

Bitcoin price formed a base above the $38,500 level. As a result, BTC started a decent increase and broke many hurdles near the $40,000 level.

The price even gained pace above the $41,000 resistance and the 55 simple moving average (4-hours). The bulls remained in action there was a move above $42,000. The price is now facing resistance near the $43,000 and $43,200 levels.

The next major resistance on the upside is near the $43,350 level. To start another increase, the price must settle above the $43,350 level in the near term. The next major resistance could be $44,500, above which the price could rise to $45,500.

If there is no upside break, the price might start a downside correction below $42,700. An initial support is near the $42,400 level. There is also a major bullish trend line forming with support near $42,400 on the 4-hours chart of the BTC/USD pair.

The next key support is near the $42,000 level and the 50% Fib retracement level of the upward move from the $40,509 swing low to $43,389 high.

Any more losses might call for a test of the key $41,200 support zone. It is near the 76.4% Fib retracement level of the upward move from the $40,509 swing low to $43,389 high.

Bitcoin Price

Looking at the chart, bitcoin price is clearly trading above $42,000 and the 55 simple moving average (4-hours). Overall, the price must clear $43,000 and then $43,200 to start another increase in the near term.

Technical Indicators

4 hours MACD – The MACD is now gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI is now above the 50 level.

Key Support Levels – $42,400 and $41,200.

Key Resistance Levels – $43,200, $43,350 and $44,500.

Aayush Jindal
Aayush Jindal
Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

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