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Monday, May 16, 2022
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    HomeMarketBitcoin Price Eyes Another Key Upside Break Above $41.5K

    Bitcoin Price Eyes Another Key Upside Break Above $41.5K

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    Bitcoin began a contemporary enhance above the $40,000 resistance in opposition to the US Greenback. BTC stays supported and may rally once more above the $41,500 resistance.

    • Bitcoin reclaimed the $40,000 degree and may proceed to rise.
    • The value is buying and selling above $40,200 and the 100 hourly easy shifting common.
    • There’s a main bullish development line forming with assist close to $39,850 on the hourly chart of the BTC/USD pair (information feed from Kraken).
    • The pair may right decrease, however the bulls may stay energetic close to the $40,000 zone.

    Bitcoin Worth Stays Elevated

    Bitcoin worth spiked towards the $41,500 level earlier than it confronted sellers. BTC reacted to the draw back and even dived beneath the $40,000 degree.

    Nonetheless, the bulls had been energetic close to the $39,000 zone and the 100 hourly simple moving average. There’s additionally a serious bullish development line forming with assist close to $39,850 on the hourly chart of the BTC/USD pair. A low was fashioned close to $39,300 and the value began a contemporary enhance. There was a transparent transfer above the $40,000 resistance zone.

    Bitcoin even climbed above the $40,800 degree. It’s now consolidating close to the $41,000 resistance zone. There was a check of the 23.6% Fib retracement degree of the upward transfer from the $39,308 swing low to $41,470 excessive.

    Bitcoin Price

    Supply: BTCUSD on TradingView.com

    On the upside, the value is dealing with resistance close to the $41,200 degree. The following main resistance may very well be close to the current excessive or $41,600. A transparent transfer above the $41,600 degree might open the doorways for one more rally. Within the acknowledged case, the value may rise in direction of the $42,500 degree. Any extra features may ship the value in direction of the $43,200 degree within the close to time period.

    Dips Supported in BTC?

    If bitcoin fails to clear the $41,600 resistance zone, it might begin a draw back correction. A right away assist on the draw back is close to the $40,500 zone.

    The following main assist is seen close to the $40,300 degree. It’s close to the 50% Fib retracement degree of the upward transfer from the $39,308 swing low to $41,470 excessive. The primary assist remains to be close to the $40,000 zone, beneath which the value may check $39,000.

    Technical indicators:

    Hourly MACD – The MACD is now shedding tempo within the bullish zone.

    Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is effectively above the 50 degree.

    Main Assist Ranges – $40,500, adopted by $40,000.

    Main Resistance Ranges – $41,200, $41,600 and $42,500.



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