TA: Bitcoin Price Consolidates, Why Break above $43.5K Is The Key
16 Enero 2022 - 09:18PM
NEWSBTC
Bitcoin started a downside correction from $44,500 against the US
Dollar. BTC is stable above $42,800 and the bulls might aim a fresh
increase above $43,500. Bitcoin is trading in a positive zone above
$42,500 and $42,800. The price is trading below $43,500 and the 100
hourly simple moving average. There is a key contracting triangle
forming with resistance near $43,200 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start a major
increase if there is a clear move above the $43,500 resistance.
Bitcoin Price Is Holding Support Bitcoin price extended increase
above the $44,000 resistance zone. BTC even spiked above the
$44,200 level before it faced sellers. A high was formed near
$44,400 and the price started a fresh decline. There was a clear
move below the $43,500 and $43,200 levels. The price even dived
below the $42,500 support and a close below the 100 hourly simple
moving average. A low was formed near $41,800 before the price
started an upside correction. It traded as high as $43,791 and is
currently consolidating. Bitcoin price is trading below $43,500 and
the 100 hourly simple moving average. An immediate support is near
the 50% Fib retracement level of the recent increase from the
$41,800 swing low to $43,791 high. Besides, there is a key
contracting triangle forming with resistance near $43,200 on the
hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com
On the upside, an initial resistance is near the $43,200 level. The
next major resistance is near the $43,500 level. A clear move above
the $43,500 level might send the price towards the $44,000
resistance. Any more gains may perhaps call for a test of the
$44,200 resistance zone. The next major resistance is near the
$45,000 level. Fresh Decline in BTC? If bitcoin fails to start a
fresh increase above $43,500, it could start a fresh decline. An
immediate support on the downside is near the $42,800 zone. The
first major support is seen near the $42,500 zone. It is near the
61.8% Fib retracement level of the recent increase from the $41,800
swing low to $43,791 high. A downside break below the $42,500
support zone could lead the price towards the $41,800 level.
Technical indicators: Hourly MACD – The MACD is slowly losing pace
in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is near the 50 level. Major Support Levels – $42,800,
followed by $42,500. Major Resistance Levels – $43,200, $43,500 and
$44,200.
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