BTC / USD
66,921.67
6.88%
(+4309.66)
ETH / USD
3,549.32
2.48%
(+85.96)
XRP / USD
0.65
4.29%
(+0.03)
LTC / USD
89.07
2.42%
(-2.21)
EOS / USD
1.08
1.86%
(+0.02)
BCH / USD
462.70
1.59%
(-7.47)
ADA / USD
0.77
5.41%
(+0.04)
XLM / USD
0.15
9.81%
(+0.01)
NEO / USD
17.75
9.33%
(+1.51)
XEM / USD
0.05
5.52%
(0)
DASH / USD
39.33
3.14%
(+1.2)
USDT / USD
1.00
0.03%
(0)
BNB / USD
415.24
0.13%
(+0.55)
QTUM / USD
5.27
26.22%
(+1.09)
XVG / USD
0.01
0.88%
(-0)
ONT / USD
0.32
4.23%
(+0.01)
ZEC / USD
32.14
0.73%
(+0.23)
STEEM / USD
0.30
3.95%
(+0.01)

Bitcoin is Surging, Why Bulls Could Aim More Upsides

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Bitcoin gained pace above the $42,000 resistance zone against the US Dollar. BTC is now surging and might even surpass the $45,000 resistance zone in the near term.

  • Bitcoin started a strong increase above the $42,000 resistance zone.
  • The price is trading well above $42,000 and the 100 hourly simple moving average.
  • There is a connecting bullish trend line forming with support near $43,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to rise if it clears the $44,500 resistance zone in the near term.

Bitcoin Price Rallies 5%

Bitcoin price gained bullish momentum after there was a close above the $40,000 level. BTC even cleared the $42,000 resistance zone to move further into a positive zone.

The recent upward move gained pace above the $43,000 level. Finally, the price spiked above the $44,000 level and settled above the 100 hourly simple moving average. A high is formed near $44,528 and the price is now consolidating gains.

It is trading above the 23.6% Fib retracement level of the recent increase from the $41,141 swing low to $44,528 high. There is also a connecting bullish trend line forming with support near $43,500 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

On the upside, an immediate resistance is near the $44,500 level. The next major resistance is near the $45,000 zone. A clear upside break above the $45,000 resistance level could spark additional gain. In the stated case, the price could even rise towards the $46,500 resistance zone.

Dips Supported in BTC?

If bitcoin fails to start a fresh increase above $44,500, it could start a downside correction. An immediate support on the downside is near the $43,750 zone and the trend line. The first major support is seen near the $43,000 zone.

It is near the 50% Fib retracement level of the recent increase from the $41,141 swing low to $44,528 high. If there is a downside break below the $43,000 support, the price could slide towards the $41,200 support and the 100 hourly simple moving average.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.

Major Support Levels – $43,500, followed by $43,000.

Major Resistance Levels – $44,500, $45,000 and $46,500.

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