- Bitcoin price started a fresh increase from the $37,150 support against the US Dollar.
- The price is now trading above $40,000 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $39,120 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair must clear $42,250 and then $43,000 to continue higher in the near term.
Bitcoin price climbed higher above the $40,000 resistance against the US Dollar. BTC even spiked $40,800 and might continue to rise in the near term.
Bitcoin Price Analysis
Bitcoin price formed a base above the $37,150 level. As a result, BTC started a major increase and broke many hurdles near the $39,000 level.
There was a break above a major bearish trend line with resistance near $39,120 on the 4-hours chart of the BTC/USD pair. The pair even climbed above the $40,000 zone and the 55 simple moving average (4-hours). There was a clear move above the $41,000 level.
The price surpassed the 50% Fib retracement level of the key decline from the $45,426 swing high to $37,161 swing low. On the upside, an immediate resistance is near the $42,250 level.
The 61.8% Fib retracement level of the key decline from the $45,426 swing high to $37,161 swing low is also near $42,250. The next major resistance on the upside is near the $43,000 level. To start another increase, the price must settle above the $43,000 level in the near term.
The next major resistance could be $44,750, above which the price could rise to $45,500. If there is no upside break, the price might start a decline below the $41,000 level.
The next key support is near the $40,000 level, below which there is a risk of a move towards the $39,150 level. Any more losses might call for a test of the key $37,150 support zone.
Looking at the chart, bitcoin price is clearly trading above $40,000 and the 55 simple moving average (4-hours). Overall, the price must clear $42,250 and then $43,000 to continue higher 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 – $41,000 and $40,000.
Key Resistance Levels – $42,250, $43,000 and $44,750.
