BTC / USD
16,535.57
0.19%
(+31.21)
ETH / USD
1,211.67
0.11%
(+1.32)
XRP / USD
0.40
0.67%
(0)
LTC / USD
76.89
0.71%
(+0.54)
EOS / USD
0.93
0.43%
(0)
BCH / USD
112.90
0.28%
(+0.32)
ADA / USD
0.32
0.13%
(0)
XLM / USD
0.09
1.58%
(0)
NEO / USD
6.95
0.71%
(-0.05)
XEM / USD
0.03
0.55%
(-0)
DASH / USD
41.60
1.17%
(+0.48)
USDT / USD
1.00
0%
(0)
BNB / USD
311.92
0.23%
(-0.73)
QTUM / USD
2.20
0.59%
(+0.01)
XVG / USD
0.00
1.33%
(0)
ONT / USD
0.18
0.05%
(-0)
ZEC / USD
41.65
0.46%
(+0.19)
STEEM / USD
0.18
0.89%
(-0)

Why Bitcoin Price Eyes Crucial Upside Break Above $41.5K

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Bitcoin extended its recovery above the $41,400 against the US Dollar. BTC could rally further if there is a clear close above the $41,500 and $41,800.

  • Bitcoin started a decent recovery wave above the $41,000 and $41,400 levels.
  • The price is now trading above $41,000 and the 100 hourly simple moving average.
  • There is a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair must clear the $41,500 resistance and $41,800 to start a major upward move.

Bitcoin Price Shows Positive Signs

Bitcoin price formed a base above the $40,000 level. BTC started a decent recovery wave and was able to clear the $41,000 resistance zone.

The price remained in a positive zone and climbed further above the $41,400 level. It even spiked above the $41,500 resistance and settled above the 100 hourly simple moving average. A high was formed near the $41,825 level and the price is now consolidating gains.

Bitcoin is trading well above the 23.6% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high. There is also a short-term contracting triangle forming with resistance near $41,510 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

An immediate resistance on the upside is near the $41,500 level. The next key resistance could be $41,800. To start a strong upward move, the price must settle above the $41,500 zone and then clear $41,800. If the bulls succeed, the price could rise towards the $42,500 resistance zone. Any more gains might call for a move towards the $43,200 level.

Dips Limited in BTC?

If bitcoin fails to clear the $41,500 resistance zone, it could start a downside correction. An immediate support on the downside is near the $41,050 level.

The next major support is seen near the $40,400 level and the 100 hourly simple moving average. It is near the 50% Fib retracement level of the recent wave from the $38,570 swing low to $41,825 high. A downside break below the $40,400 support zone and $40,000 could increase selling pressure.

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 – $41,050, followed by $40,200.

Major Resistance Levels – $41,510, $41,800 and $42,500.

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