Bitcoin Price Consolidates Rally and Primed To Surge Toward $45K
07 Dezembro 2023 - 12:25AM
NEWSBTC
Bitcoin price started a strong increase above the $42,000 zone. BTC
is now consolidating gains and might rally further toward the
$45,000 zone. Bitcoin gained pace above the $42,200 and $43,200
levels. The price is trading above $43,000 and the 100 hourly
Simple moving average. There are two bullish trend lines forming
with support near $43,900 and $42,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair is likely setting up
for a fresh increase above the $44,000 level. Bitcoin Price Remains
Supported Bitcoin price started a major increase above the $42,000
resistance zone. BTC surged and even broke the $43,200 resistance
zone. A new multi-month high was formed near $44,465 before the
price started a minor downside correction. There was a move below
the $44,000 level. The price tested the 23.6% Fib retracement level
of the upward move from the $39,475 swing low to the $44,465 high.
However, the bulls remained active above the $43,200 support zone.
Bitcoin also trades above $43,500 and the 100 hourly Simple moving
average. Besides, there are two bullish trend lines forming with
support near $43,900 and $42,000 on the hourly chart of the BTC/USD
pair. The second trend line is close to the 61.8% Fib retracement
level of the upward move from the $39,475 swing low to the $44,465
high. On the upside, immediate resistance is near the $44,250
level. The first major resistance is forming near $44,450, above
which the price might rally toward the $45,000 level. Source:
BTCUSD on TradingView.com A close above the $45,000 resistance
might send the price further higher. The next key resistance could
be near $46,200, above which BTC could rise toward the $47,500
level. Short-term Dips In BTC? If Bitcoin fails to rise above the
$44,250 resistance zone, it could start a downside correction.
Immediate support on the downside is near the $43,900 level and the
trend line. The next major support is near $42,550, below which the
price might test the second trend line. If there is a move below
$42,000, there is a risk of more downsides. In the stated case, the
price could drop toward the $41,200 support in the near term.
Technical indicators: Hourly MACD – The MACD is now 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 –
$43,900, followed by $42,000. Major Resistance Levels – $44,250,
$44,450, and $45,000.
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