TA: Bitcoin Price Rally Pauses But Upsides Could Restart
January 12 2022 - 10:08PM
NEWSBTC
Bitcoin started a strong upward move above $43,000 against the US
Dollar. BTC spiked above $44,000 and currently correcting lower.
Bitcoin gained pace for a move above the $43,000 resistance zone.
The price is trading above $42,500 and the 100 hourly simple moving
average. There is a major bullish trend line forming with support
near $43,200 on the hourly chart of the BTC/USD pair (data feed
from Kraken). The pair is correcting gains, but dips could be
limited below the $43,200 level. Bitcoin Price Extends Recovery
Bitcoin price gained pace after there was a close above the $42,000
resistance zone. BTC even climbed above the $43,200 resistance zone
and a close above the 100 hourly simple moving average. The price
even spiked above the $44,000 level. A high is formed near $44,348
and the price is now correcting gains. It traded below the $44,000
support level. There was a break below the 23.6% Fib retracement
level of the upward move from the $42,505 swing low to $44,348
high. Besides, there is a major bullish trend line forming with
support near $43,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $42,500 and the 100 hourly simple
moving average. Source: BTCUSD on TradingView.com On the upside, an
initial resistance is near the $44,000 level. The next major
resistance is near the $44,200 level and the recent high. Any more
gains could pump the price towards the $45,000 level. The next
major resistance is near the $45,500 level. Fresh Drop in BTC? If
bitcoin fails to continue higher above $44,000, it could continue
to move down. An immediate support on the downside is near the
$43,400 zone. The 50% Fib retracement level of the upward move from
the $42,505 swing low to $44,348 high is also near the $43,400
level. The first major support is near $43,200 and the bullish
trend line. A downside break below the trend line support could
lead the price towards the $42,200 level and the 100 hourly SMA.
Any more losses might push the price towards the $41,500 support
zone in the coming sessions. Technical indicators: Hourly MACD –
The MACD is now gaining pace in the bearish zone. Hourly RSI
(Relative Strength Index) – The RSI for BTC/USD is now above the 50
level. Major Support Levels – $43,400, followed by $43,200. Major
Resistance Levels – $44,000, $44,200 and $45,000.
TRON (COIN:TRXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024