NewsBTC 2022-01-20 03:08:04

TA: Why Bitcoin Needs To Clear $42,500 For Hopes of a Fresh Rally

Bitcoin found support near the $41,200 zone against the US Dollar. BTC must clear $42,500 to start a recovery wave in the near term. Bitcoin extended decline and tested the $41,200 support zone. The price is still trading below $42,500 and the 100 hourly simple moving average. There is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a decent recovery if there is a clear move above the $42,500 resistance. Bitcoin Price Faces Hurdles Bitcoin price struggled to start a decent recovery wave and extended decline below $42,000. BTC even broke the $41,500 support level and settled below the 100 hourly simple moving average. A low was formed near $41,159 and the price is now correcting higher. There was a move above the $41,800 resistance zone. The price climbed above the 23.6% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low. On the upside, an initial resistance is near the $42,400 level and the 100 hourly simple moving average. Besides, there is a major bearish trend line forming with resistance near $42,450 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the main decline from the $43,800 swing high to $41,159 low. An upside break above the trend line resistance could start a steady recovery wave above $42,500. Source: BTCUSD on TradingView.com ...

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