Bitcoin traded at $41,200 before the volatility returned and rose; Now, the $42,800 resistance must break to see a new uptrend soon.
The #Bitcoin market atmosphere intensified as it remained below the key $43,000 level; As a result, even the $ 42,000 support was lost, and the price moved away from the 100 moving average.
The bottom of the swing was recorded at $ 41,288 and is now returning to higher levels. The pair has moved above the $42,000 resistance and the 23.6% Fibonacci retracement level of the recent fluctuation from the $43,800 peak to the bottom of $41,288.
At the current position, the nearest resistance level upstream is around $42,550; Where the 50% Fibonacci level has fallen.
Higher, more serious resistance is expected at around $42,800. The BTC /USD pair's hourly chart also shows a large downtrend with a resistance of around $42,780.
Crossing this critical boundary can create a steady uptrend that could cross the main resistance range of $43,000. The $ 43,500 level can be considered the key to getting rid of this range. It announces a further move towards resistance at $44,000 and then the next big resistance at $44,800. But if Bitcoin (#BTC) cannot start a new uptrend beyond the $42,800 range, it is likely to take a downtrend. In this case, the nearest downstream support level is around $42,200. Below, more serious support is expected at around $42,000.
With the breakout of this support level, Bitcoin ( BTC ) will probably return to the support range of $41,200. I expect further support of the $40,000 psychological range at $40,500; If this range is lost, the market is likely to fall into the hands of bears, at least for a short time.
The #Bitcoin market atmosphere intensified as it remained below the key $43,000 level; As a result, even the $ 42,000 support was lost, and the price moved away from the 100 moving average.
The bottom of the swing was recorded at $ 41,288 and is now returning to higher levels. The pair has moved above the $42,000 resistance and the 23.6% Fibonacci retracement level of the recent fluctuation from the $43,800 peak to the bottom of $41,288.
At the current position, the nearest resistance level upstream is around $42,550; Where the 50% Fibonacci level has fallen.
Higher, more serious resistance is expected at around $42,800. The BTC /USD pair's hourly chart also shows a large downtrend with a resistance of around $42,780.
Crossing this critical boundary can create a steady uptrend that could cross the main resistance range of $43,000. The $ 43,500 level can be considered the key to getting rid of this range. It announces a further move towards resistance at $44,000 and then the next big resistance at $44,800. But if Bitcoin (#BTC) cannot start a new uptrend beyond the $42,800 range, it is likely to take a downtrend. In this case, the nearest downstream support level is around $42,200. Below, more serious support is expected at around $42,000.
With the breakout of this support level, Bitcoin ( BTC ) will probably return to the support range of $41,200. I expect further support of the $40,000 psychological range at $40,500; If this range is lost, the market is likely to fall into the hands of bears, at least for a short time.
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