TA: Bitcoin Technicals Suggest Bulls Aim Sharp Move Above $42K

Bitcoin climbed further above the $42,000 level against the US Dollar. BTC is showing positive signs and might rally further above $42,200. Bitcoin remained well supported above the $41,000 and $41,100 levels. The price is now trading above $41,500 and the 100 hourly simple moving average. There is a key bullish trend line forming with support near $41,050 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start a strong upward move if it settles above the $42,000 resistance zone. Bitcoin Price Gains Pace Bitcoin price extended increase above the $41,500 resistance zone. BTC even cleared the $42,000 resistance zone and settled above the 100 hourly simple moving average. A high was formed near $42,235 before the price started a downside correction. There was a move below the $41,500 pivot level. The price even spiked below the $41,000 level, but it found support near the $40,900 level. A fresh base was formed and the price is now back above $41,500. Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low. It is now trading above $41,500 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $41,725USD pair. An immediate resistance on the upside is near the $41,725 level. Source: BTCUSD on TradingView.com The 61.8% Fib retracement level of the recent decline from the $42,235 swing high to ...