BTC managed to climb to $44,000 today. Yesterday, it broke through $41,500 and $42,500 and even $43,000 resistance levels. At the time of writing this article, it stands at around $43,600. Here is a summary of BTC in the past 24 hours:
- BTC surpassed the $42,000 and $43,000 resistance levels.
- Currently, Bitcoin is still under $44,000 and the 1-hour candles are above the SMA100.
- For the 1-hour chart, we can see a raising wedge formation. It is more likely that the trend breaks through the bottom.
- To continue with the bullish trend, BTC need to break through the top part.
BTC Price Action Analysis
Despite ranging at around $40,900, BTC managed to surpass the resistance level. Following that, the $41,500 and $42,500 were successfully broken. At some point, it even moved beyond $43,000 and momentarily touched $43,935.
As of now, Bitcoin is above $43,000 and the 1- hour candles are well above the SMA100. The 1-hour chart indicates the formation of a raising wedge pattern. The support and resistance levels for this wedge are $42,950 and $43,950. It should also be noted that the chances of breaking through the bottom are more likely.
In case of a price correction, the first support will be at the bottom of the wedge at $42,950. closing under this price would mean further decline for BTC as it could possibly fall down to $38,500.
For the bullish scenario, by breaking the $42,950, the next support level will be at around $41,850. It is closely located near the 50% Fibonacci retracement (from the latest growth from $39,710 to $43,935)
The next crucial support will be $40,900. By breaking it, the price will move toward the $39,500 and $38,500 support levels.
On the other hand, if buyers stay committed, the bullish run will continue. Following a brief correction, the price could jump back to $43,200 or $42,800 close to the 23% and 50% Fibonacci retracement levels.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator for BTC is on a upward movement but has lost strength.
RSI: the 1-hour relative strength index is approximately 68.
Resistance levels: Respectively, the $43,950, $44,000 are crucial. Surpassing them would pave the way for reaching $46,000.
Support levels: the $42,950 and $41,830, $40,900 and $38,500 are important support levels that will cause further decline if they are broken.
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