TA: Bitcoin is Surging, Why Bulls Could Aim More Upsides

Aayush Jindal

1 year ago

2 mins read

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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.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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