TA: Bitcoin Forms Bullish Pattern, Why BTC Could Rally above $45K
26 Septiembre 2021 - 10:08PM
NEWSBTC
Bitcoin price stayed above the key $40,750 support zone against the
US Dollar. BTC is rising and it could soon rally above the $45,000
resistance. Bitcoin started a recovery wave above the $42,800 and
$43,000 resistance levels. The price is now trading above $43,000
and the 100 hourly simple moving average. There was a break above a
connecting bearish trend line with resistance near $42,400 on the
hourly chart of the BTC/USD pair (data feed from Kraken). The pair
could accelerate higher once it clears the key $45,000 resistance
zone. Bitcoin Price Starts Fresh Increase Bitcoin price struggled
below the $43,000 level for a few sessions. BTC declined below
$41,000, but the bulls protected the $40,750 zone. There were two
attempts to clear $40,750, but the bears failed. As a result, the
price started a fresh increase and it seems like it has formed a
double bottom pattern near the $40,750 level. It is rising and it
has cleared the $42,000 and $42,800 resistance levels. There was
also a break above a connecting bearish trend line with resistance
near $42,400 on the hourly chart of the BTC/USD pair. Bitcoin
cleared the 50% Fib retracement level of the downward move from the
$45,153 swing high to $40,750 swing low. It is now trading above
$43,000 and the 100 hourly simple moving average. Besides, it is
consolidating near the 76.4% Fib retracement level of the downward
move from the $45,153 swing high to $40,750 swing low. On the
upside, an immediate resistance is near the $44,800 level. The
first major resistance is near the $45,000 level. Source: BTCUSD on
TradingView.com A close above the $44,800 and $45,000 levels could
start a steady increase. The next major resistance is near the
$45,500 zone, above which the price could rise towards the $46,200
resistance. Dips Limited In BTC? If bitcoin fails to clear the
$45,000 resistance zone, it could start a downside correction. An
immediate support on the downside is near the $43,600 level. The
first major support is near the $43,200 zone and the 100 hourly
simple moving average. Any more losses could lead the price towards
the $42,000 support zone in the near term. Technical indicators:
Hourly MACD – The MACD is slowly gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now
above the 50 level. Major Support Levels – $44,600, followed by
$43,200. Major Resistance Levels – $44,800, $45,000 and $45,500.
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