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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

TA: Bitcoin Forms Bullish Pattern, Why BTC Could Rally above $45K

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin

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Bitcoin price stayed above the key $40,750 support zone against the US Dollar. BTC is rising and it could soon rally above the $45,000 resistance.

  • Bitcoin started a recovery wave above the $42,800 and $43,000 resistance levels.
  • The price is now trading above $43,000 and the 100 hourly simple moving average.
  • There was a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could accelerate higher once it clears the key $45,000 resistance zone.

Bitcoin Price Starts Fresh Increase

Bitcoin price struggled below the $43,000 level for a few sessions. BTC declined below $41,000, but the bulls protected the $40,750 zone. There were two attempts to clear $40,750, but the bears failed.

As a result, the price started a fresh increase and it seems like it has formed a double bottom pattern near the $40,750 level. It is rising and it has cleared the $42,000 and $42,800 resistance levels. There was also a break above a connecting bearish trend line with resistance near $42,400 on the hourly chart of the BTC/USD pair.

Bitcoin cleared the 50% Fib retracement level of the downward move from the $45,153 swing high to $40,750 swing low. It is now trading above $43,000 and the 100 hourly simple moving average.

Besides, it is consolidating near the 76.4% Fib retracement level of the downward move from the $45,153 swing high to $40,750 swing low. On the upside, an immediate resistance is near the $44,800 level. The first major resistance is near the $45,000 level.

Bitcoin Price

Source: BTCUSD on TradingView.com

A close above the $44,800 and $45,000 levels could start a steady increase. The next major resistance is near the $45,500 zone, above which the price could rise towards the $46,200 resistance.

Dips Limited In BTC?

If bitcoin fails to clear the $45,000 resistance zone, it could start a downside correction. An immediate support on the downside is near the $43,600 level.

The first major support is near the $43,200 zone and the 100 hourly simple moving average. Any more losses could lead the price towards the $42,000 support zone in the near term.

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 – $44,600, followed by $43,200.

Major Resistance Levels – $44,800, $45,000 and $45,500.

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Aayush Jindal
Aayush Jindal

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.

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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.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

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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Reason to trust

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