{"id":486649,"date":"2022-03-23T03:08:18","date_gmt":"2022-03-23T03:08:18","guid":{"rendered":"https:\/\/wncen.com\/?p=486649"},"modified":"2024-06-11T14:18:36","modified_gmt":"2024-06-11T14:18:36","slug":"bitcoin-steadies-above-42k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-steadies-above-42k\/","title":{"rendered":"TA: Bitcoin Steadies Above $42K, What Could Spark More Upsides"},"content":{"rendered":"
Bitcoin started a steady increase above the $42,000 resistance against the US Dollar. BTC tested the $43,400 zone and recently corrected lower.<\/em><\/p>\n Bitcoin price started a steady increase<\/a> after it cleared the $42,000 resistance zone. BTC gained pace for a move above the $42,500 level and settled above the 100 hourly simple moving average.<\/p>\n The upward move was such that the price even broke the $43,200 resistance. It traded as high as $43,402 and is currently correcting lower. There was a move below the 23.6% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.<\/p>\n However, the bulls are defending the $42,000 support zone. There is also a key bullish trend line forming with support near $41,950 on the hourly chart of the BTC\/USD pair. The trend line is close to the 50% Fib retracement level of the recent increase from the $40,510 swing low to $43,402 high.<\/p>\n On the upside, the price is facing resistance near the $42,800 level. The next major resistance could be near the $43,000 zone. A successful break and close above the $43,000 level might start another steady increase.<\/p>\n <\/a><\/p>\n In the stated case, the price might rise towards the $43,500 level. Any more gains could send the price towards the $44,200 level in the coming sessions.<\/p>\n If bitcoin fails to clear the $43,000 resistance zone, it could correct further lower. An immediate support on the downside is near the $42,000 zone.<\/p>\n\n
Bitcoin Price Remains In Uptrend<\/h2>\n
Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Downside Break in BTC?<\/h2>\n