In terms of the US Dollar, Bitcoin is aiming for an upside break above the $43,000 barrier level. If there is a clear rise above $43,000 and $43,200, BTC might rally.
The price of bitcoin has created a base above the $38,500 mark. As a result, BTC began to rise steadily and burst through many barriers at the $40,000 mark.
Above the $41,000 resistance and the 55 simple moving average, the price has accelerated (4-hours). There was a move above $42,000, which kept the bulls in the game. Near the $43,000 and $43,200 levels, the price is currently encountering resistance.
On the upside, the next big resistance is near $43,350.
In order to begin another increase, the price must rise above $43,350 in the near future. The price might rise to $45,500 if it breaks through the next significant obstacle at $44,500.
If no upside break occurs, the price may begin a downward descent below $42,700. The $42,400 level provides first support. On the 4-hours chart of the BTC/USD pair, a big bullish trend line is forming with support about $42,400.
Near $42,000, the 50 percent Fib retracement level of the upward advance from the $40,509 swing low to $43,389 high, is the next major support level.
Any further losses might lead to a test of the crucial $41,200 support level.
Image : TradingView
The upward move from the $40,509 swing low to $43,389 high is nearing the 76.4 percent Fib retracement level.
The price of bitcoin is definitely trading over $42,000 and the 55 simple moving average on the chart (4-hours). Overall, the price needs to break through $43,000 and then $43,200 to begin a new upward trend in the near future.
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