{"id":464225,"date":"2021-05-21T03:08:50","date_gmt":"2021-05-21T03:08:50","guid":{"rendered":"https:\/\/uniquehot.com\/?p=464225"},"modified":"2024-06-11T13:55:53","modified_gmt":"2024-06-11T13:55:53","slug":"bitcoin-btc-could-rally-42000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-btc-could-rally-42000\/","title":{"rendered":"Bitcoin TA: Here\u2019s Why BTC Could Rally If It Clears This Key Hurdle"},"content":{"rendered":"
Bitcoin price is recovering losses and trading above $40,000 against the US Dollar. BTC is likely to accelerate higher if there is a clear break above the 100 hourly SMA at $42,000.<\/em><\/p>\n Bitcoin remained stable above the $36,500 and $38,000 support levels. BTC extended its recovery wave<\/a> above the $40,000 resistance level and moved into a short-term positive zone.<\/p>\n There was a clear break above the 50% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low. Moreover, there was a break above a major bearish trend line with resistance near $42,000 on the hourly chart of the BTC\/USD pair.<\/p>\n The pair is now facing resistance near $42,000 and the 100 hourly simple moving average<\/a>. The 76.4% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low is also acting as a resistance.<\/p>\n <\/a><\/p>\n A clear break above the $42,000 zone and the 100 hourly simple moving average could open the doors for a larger rally. An immediate resistance is near the $43,200 level. The next major resistance is near the $45,775 level. A close above the $45,775 level could set the pace for a move towards the $48,000 resistance zone.<\/p>\n If bitcoin fails to clear the $42,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $40,000 level.<\/p>\n The first major support is now forming near the $38,000 zone. A downside break below the $38,000 support could start a fresh decline towards the $35,000 support zone in the near term.<\/p>\n Technical indicators:<\/p>\n Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone.<\/p>\n Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level.<\/p>\n Major Support Levels \u2013 $40,000, followed by $38,000.<\/p>\n Major Resistance Levels \u2013 $42,000, $43,200 and $45,775.<\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is recovering losses and trading above $40,000 against the US Dollar. BTC is likely to accelerate higher if there is a clear break above the 100 hourly SMA at $42,000. Bitcoin is showing signs of a decent recovery above the $40,000 level. The price is now facing resistance near $42,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $42,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to start a strong rally if it settles above $42,000 and the 100 hourly SMA. Bitcoin Price Starts Recovery Bitcoin remained stable above the $36,500 and $38,000 support levels. BTC extended its recovery wave above the $40,000 resistance level and moved into a short-term positive zone. There was a clear break above the 50% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low. Moreover, there was a break above a major bearish trend line with resistance near $42,000 on the hourly chart of the BTC\/USD pair. The pair is now facing resistance near $42,000 and the 100 hourly simple moving average. The 76.4% Fib retracement level of the last key decline from the $45,774 swing high to $29,748 swing low is also acting as a resistance. Source: BTCUSD on TradingView.com A clear break above the $42,000 zone and the 100 hourly simple moving average could open the doors for a larger rally. An immediate resistance is near the $43,200 level. The next major resistance is near the $45,775 level. A close above the $45,775 level could set the pace for a move towards the $48,000 resistance zone. Fresh Drop in BTC? If bitcoin fails to clear the $42,000 resistance, there is a risk of a fresh decline. An initial support on the downside is near the $40,000 level. The first major support is now forming near the $38,000 zone. A downside break below the $38,000 support could start a fresh decline towards the $35,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is slowly losing pace in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $40,000, followed by $38,000. Major Resistance Levels \u2013 $42,000, $43,200 and $45,775.<\/p>\n","protected":false},"author":67,"featured_media":464227,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,78790,76835],"class_list":["post-464225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n\n
Bitcoin Price Starts Recovery<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Fresh Drop in BTC?<\/h2>\n