Bitcoin Rallies Over 12%, Why This Could Be Major Trend Change

Bitcoin broke the key $40,000 resistance zone against the US Dollar. BTC is up over 12% and might continue to rise above the $43,000 level.

Bitcoin surged above a few key hurdles near the $40,000 resistance zone.
The price is trading above $42,000 and the 100 hourly simple moving average.
There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair has moved into a bullish zone and might accelerate higher towards $45,000.

Bitcoin Price Surges
Bitcoin price remained in a positive zone above the $38,00- pivot level. BTC was able to start a major increase after it cleared the $38,800 resistance zone.
There was a break above a key bearish trend line with resistance near $38,000 on the hourly chart of the BTC/USD pair. It opened the doors for a sharp increase above the $40,000 resistance and the 100 hourly simple moving average.
The price rallied over 10% and there was a clear move above the $42,000 resistance zone. It even cleared the $43,000 level and traded as high as $44,192.
Bitcoin is now consolidating and trading well above the 23.6% Fib retracement level of the upward move from the $37,029 swing low to $44,192 high. On the upside, an immediate resistance is near the $44,000 level. The first key resistance is near the $44,200 level.

Source: BTCUSD on TradingView.com
The main resistance is now near the $44,500 level. A clear move above the $44,500 resistance could send the price further higher. In the stated case, it could even attempt a clear move above $45,000.
Dips Limited in BTC?
If bitcoin fails to clear the $44,200 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,000 zone.
The next major support is seen near the $42,500 level. If there is a downside break below the $42,500 support, the price might gain bearish momentum towards $40,500. It is near the 50% Fib retracement level of the upward move from the $37,029 swing low to $44,192 high.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting from the overbought zone.
Major Support Levels – $43,000, followed by $42,500.
Major Resistance Levels – $44,000, $44,200 and $45,000.

Avatar

Related Articles

- Advertisement -

Latest Articles

bitcoin
Bitcoin (BTC) $ 17,242.55
ethereum
Ethereum (ETH) $ 1,285.21
tether
Tether (USDT) $ 0.999560
bnb
BNB (BNB) $ 290.83
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 0.999090
xrp
XRP (XRP) $ 0.391057
dogecoin
Dogecoin (DOGE) $ 0.098597
cardano
Cardano (ADA) $ 0.315020
matic-network
Polygon (MATIC) $ 0.930874
polkadot
Polkadot (DOT) $ 5.39
staked-ether
Lido Staked Ether (STETH) $ 1,270.53
litecoin
Litecoin (LTC) $ 77.73
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.21
dai
Dai (DAI) $ 0.999616
solana
Solana (SOL) $ 13.88
tron
TRON (TRX) $ 0.054975
uniswap
Uniswap (UNI) $ 6.15
avalanche-2
Avalanche (AVAX) $ 13.56
leo-token
LEO Token (LEO) $ 3.75
chainlink
Chainlink (LINK) $ 7.03
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,193.25
cosmos
Cosmos Hub (ATOM) $ 9.82
the-open-network
Toncoin (TON) $ 1.82
ethereum-classic
Ethereum Classic (ETC) $ 19.41
monero
Monero (XMR) $ 147.38
stellar
Stellar (XLM) $ 0.085391
bitcoin-cash
Bitcoin Cash (BCH) $ 111.40
quant-network
Quant (QNT) $ 123.86
crypto-com-chain
Cronos (CRO) $ 0.064421
algorand
Algorand (ALGO) $ 0.225309
filecoin
Filecoin (FIL) $ 4.44
apecoin
ApeCoin (APE) $ 4.00
near
NEAR Protocol (NEAR) $ 1.73
vechain
VeChain (VET) $ 0.019243
internet-computer
Internet Computer (ICP) $ 4.42
hedera-hashgraph
Hedera (HBAR) $ 0.048338
eos
EOS (EOS) $ 1.05
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 46.43
trust-wallet-token
Trust Wallet (TWT) $ 2.63
flow
Flow (FLOW) $ 1.04
terra-luna
Terra Luna Classic (LUNC) $ 0.000172
frax
Frax (FRAX) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.592845
axie-infinity
Axie Infinity (AXS) $ 8.18
tezos
Tezos (XTZ) $ 1.00
aave
Aave (AAVE) $ 62.71
theta-token
Theta Network (THETA) $ 0.876267
chain-2
Chain (XCN) $ 0.040320