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{"id":465657,"date":"2021-06-16T03:08:46","date_gmt":"2021-06-16T03:08:46","guid":{"rendered":"https:\/\/wncen.com\/?p=465657"},"modified":"2024-06-11T13:56:24","modified_gmt":"2024-06-11T13:56:24","slug":"bitcoin-consolidates-rally-42k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-consolidates-rally-42k\/","title":{"rendered":"TA: Bitcoin Consolidates Above Support, Here\u2019s What Could Trigger Fresh Rally"},"content":{"rendered":"

Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar. BTC is likely to start a fresh rally if it clears the $41,200 resistance zone.<\/em><\/p>\n

\n
Bitcoin remained in a positive zone above the $39,000 and $40,000 levels.<\/li>\n
The price is currently well above $39,000 and the 100 hourly simple moving average.<\/li>\n
There is a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair is likely to start a fresh rally once it clears $40,650 and $41,200.<\/li>\n<\/ul>\n
Bitcoin Price Remains Elevated<\/h2>\n
Bitcoin started a fresh increase after it broke the key $38,500 resistance zone<\/a>. BTC even climbed above the $40,000 resistance zone and it settled well above the 100 hourly simple moving average.<\/p>\n
However, the price seems to be struggling above the $41,000 level. There were two attempts to gain strength above $41,000, but the bulls failed. The recent high was formed near $41,384 before the price corrected lower. It dipped below $40,500, but the bulls were active near $39,500.<\/p>\n
A low is formed near $39,476 and the price is now consolidating in a range. It is trading above the 23.6% Fib retracement level of the recent decline from the $41,384 high to $39,476 low.<\/p>\n
On the upside, an immediate resistance is forming near the $40,450 level. It is near the 50% Fib retracement level of the recent decline from the $41,384 high to $39,476 low. The first major resistance<\/a> is near the $40,650 level. There is also a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a><\/p>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
A clear upside break above the triangle resistance could spark bullish moves. The next resistance is near the $41,200 level. A close above $41,200 level is likely to stage a move towards the $43,500 level.<\/p>\n
Dips Limited in BTC?<\/h2>\n
If bitcoin fails to clear the $41,200 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level.<\/p>\n
The first major support is near the $39,80 level and the triangle lower trend line. A downside break below the triangle support could push the price towards the $38,500 support level and the 100 hourly SMA.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is likely to move back into the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level.<\/p>\n
Major Support Levels \u2013 $39,800, followed by $38,500.<\/p>\n
Major Resistance Levels \u2013 $40,650, $41,200 and $43,500.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar. BTC is likely to start a fresh rally if it clears the $41,200 resistance zone. Bitcoin remained in a positive zone above the $39,000 and $40,000 levels. The price is currently well above $39,000 and the 100 hourly simple moving average. There is a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to start a fresh rally once it clears $40,650 and $41,200. Bitcoin Price Remains Elevated Bitcoin started a fresh increase after it broke the key $38,500 resistance zone. BTC even climbed above the $40,000 resistance zone and it settled well above the 100 hourly simple moving average. However, the price seems to be struggling above the $41,000 level. There were two attempts to gain strength above $41,000, but the bulls failed. The recent high was formed near $41,384 before the price corrected lower. It dipped below $40,500, but the bulls were active near $39,500. A low is formed near $39,476 and the price is now consolidating in a range. It is trading above the 23.6% Fib retracement level of the recent decline from the $41,384 high to $39,476 low. On the upside, an immediate resistance is forming near the $40,450 level. It is near the 50% Fib retracement level of the recent decline from the $41,384 high to $39,476 low. The first major resistance is near the $40,650 level. There is also a major contracting triangle forming with resistance near $40,650 on the hourly chart of the BTC\/USD pair. Source: BTCUSD on TradingView.com A clear upside break above the triangle resistance could spark bullish moves. The next resistance is near the $41,200 level. A close above $41,200 level is likely to stage a move towards the $43,500 level. Dips Limited in BTC? If bitcoin fails to clear the $41,200 resistance, it could start a downside correction. An initial support on the downside is near the $40,000 level. The first major support is near the $39,80 level and the triangle lower trend line. A downside break below the triangle support could push the price towards the $38,500 support level and the 100 hourly SMA. Technical indicators: Hourly MACD \u2013 The MACD is likely to move back into the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is still above the 50 level. Major Support Levels \u2013 $39,800, followed by $38,500. Major Resistance Levels \u2013 $40,650, $41,200 and $43,500.<\/p>\n","protected":false},"author":67,"featured_media":464468,"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-465657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\nTA: Bitcoin Consolidates Above Support, Here\u2019s What Could Trigger Fresh Rally<\/title>\n<meta name=\"description\" content=\"Bitcoin price is trading in a positive zone above the $40,000 level against the US Dollar. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"TA: Bitcoin Consolidates Above Support, Here\u2019s What Could Trigger Fresh Rally","url":"http:\/\/wncen.com\/news\/bitcoin-consolidates-rally-42k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-consolidates-rally-42k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_567905164.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_567905164.jpg?fit=1000%2C535"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btcusd","btcusdt","xbtusd"],"dateCreated":"2021-06-16T03:08:46Z","datePublished":"2021-06-16T03:08:46Z","dateModified":"2024-06-11T13:56:24Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"TA: Bitcoin Consolidates Above Support, Here\\u2019s What Could Trigger Fresh Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-rally-42k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-consolidates-rally-42k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_567905164.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/05\\\/shutterstock_567905164.jpg?fit=1000%2C535\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2021-06-16T03:08:46Z\",\"datePublished\":\"2021-06-16T03:08:46Z\",\"dateModified\":\"2024-06-11T13:56:24Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/05\/shutterstock_567905164.jpg?fit=1000%2C535","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=465657"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/465657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/464468"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=465657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=465657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=465657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}