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) $ 27,245.30
ethereum
Ethereum (ETH) $ 1,906.46
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 307.45
usd-coin
USD Coin (USDC) $ 1.00
xrp
XRP (XRP) $ 0.525257
staked-ether
Lido Staked Ether (STETH) $ 1,905.09
cardano
Cardano (ADA) $ 0.381154
dogecoin
Dogecoin (DOGE) $ 0.072969
solana
Solana (SOL) $ 21.63
matic-network
Polygon (MATIC) $ 0.904734
tron
TRON (TRX) $ 0.081640
litecoin
Litecoin (LTC) $ 96.30
polkadot
Polkadot (DOT) $ 5.36
binance-usd
Binance USD (BUSD) $ 1.00
shiba-inu
Shiba Inu (SHIB) $ 0.000009
avalanche-2
Avalanche (AVAX) $ 14.76
dai
Dai (DAI) $ 1.00
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 27,263.30
uniswap
Uniswap (UNI) $ 5.12
chainlink
Chainlink (LINK) $ 6.51
leo-token
LEO Token (LEO) $ 3.58
cosmos
Cosmos Hub (ATOM) $ 10.81
okb
OKB (OKB) $ 45.99
monero
Monero (XMR) $ 149.78
ethereum-classic
Ethereum Classic (ETC) $ 18.22
the-open-network
Toncoin (TON) $ 1.74
stellar
Stellar (XLM) $ 0.092466
bitcoin-cash
Bitcoin Cash (BCH) $ 116.52
internet-computer
Internet Computer (ICP) $ 4.84
filecoin
Filecoin (FIL) $ 4.86
lido-dao
Lido DAO (LDO) $ 2.35
true-usd
TrueUSD (TUSD) $ 1.00
aptos
Aptos (APT) $ 9.14
quant-network
Quant (QNT) $ 117.30
hedera-hashgraph
Hedera (HBAR) $ 0.051012
crypto-com-chain
Cronos (CRO) $ 0.060625
arbitrum
Arbitrum (ARB) $ 1.23
near
NEAR Protocol (NEAR) $ 1.65
vechain
VeChain (VET) $ 0.020059
apecoin
ApeCoin (APE) $ 3.17
the-graph
The Graph (GRT) $ 0.129320
algorand
Algorand (ALGO) $ 0.152964
the-sandbox
The Sandbox (SAND) $ 0.578846
eos
EOS (EOS) $ 0.918020
paxos-standard
Pax Dollar (USDP) $ 1.00
frax
Frax (FRAX) $ 1.00
render-token
Render (RNDR) $ 2.73
elrond-erd-2
MultiversX (EGLD) $ 38.77
optimism
Optimism (OP) $ 1.52