Bitcoin price extended its rally above the $42,000 resistance. BTC is now correcting gains and might test the $40,800 support zone.
- Bitcoin surged further above the $41,200 and $42,000 levels.
- The price is trading above $41,200 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower toward $40,800 before it starts a fresh increase.
Bitcoin Price Rises Over 10%
Bitcoin price started a strong increase above the $38,500 resistance zone. BTC gained over 10% in the past few sessions and broke many hurdles near $40,000.
It even cleared the $41,200 resistance and spiked above the $42,000 zone. A new multi-month high is formed near $42,415 and the price is now correcting gains. There was a move below the $42,000 level. The price is now testing the 23.6% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.Bitcoin also trades above $41,200 and the 100 hourly Simple moving average. Besides, there is a major bullish trend line forming with support near $40,880 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward move from the $39,360 swing low to the $42,415 high.
On the upside, immediate resistance is near the $42,200 level. The first major resistance is forming near $42,500, above which the price might rise toward the $43,200 level.