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Name Symbol Market Market Cap ($) Algorithm
Bitcoin BTCUSD Crypto 405,189,433,250 SHA-256d
  Price Change Price Change % Current Price Bid Price Offer
  88.55 0.42% 21,287.72 21,286.94 21,287.23
High Price Low Price Open Price Prev. Close 52 Week Range
21,363.42 21,112.57 21,233.25 21,198.10 17,579.24 - 69,000.00
Exchange Last Trade Size Trade Price Currency
GDAX 05:50:15 0.002244 21,287.73 USD
Price x Volume Volume Base Symbol Related Pairs
78,410,513.12 3,692.25 BTC BTCEUR BTCGBP ETHBTC

TA: Bitcoin Price Consolidates, Why Break above $43.5K Is The Key

17/01/2022 3:18am

NEWSBTC


Bitcoin started a downside correction from $44,500 against the US Dollar. BTC is stable above $42,800 and the bulls might aim a fresh increase above $43,500. Bitcoin is trading in a positive zone above $42,500 and $42,800. The price is trading below $43,500 and the 100 hourly simple moving average. There is a key contracting triangle forming with resistance near $43,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a major increase if there is a clear move above the $43,500 resistance. Bitcoin Price Is Holding Support Bitcoin price extended increase above the $44,000 resistance zone. BTC even spiked above the $44,200 level before it faced sellers. A high was formed near $44,400 and the price started a fresh decline. There was a clear move below the $43,500 and $43,200 levels. The price even dived below the $42,500 support and a close below the 100 hourly simple moving average. A low was formed near $41,800 before the price started an upside correction. It traded as high as $43,791 and is currently consolidating. Bitcoin price is trading below $43,500 and the 100 hourly simple moving average. An immediate support is near the 50% Fib retracement level of the recent increase from the $41,800 swing low to $43,791 high. Besides, there is a key contracting triangle forming with resistance near $43,200 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com On the upside, an initial resistance is near the $43,200 level. The next major resistance is near the $43,500 level. A clear move above the $43,500 level might send the price towards the $44,000 resistance. Any more gains may perhaps call for a test of the $44,200 resistance zone. The next major resistance is near the $45,000 level. Fresh Decline in BTC? If bitcoin fails to start a fresh increase above $43,500, it could start a fresh decline. An immediate support on the downside is near the $42,800 zone. The first major support is seen near the $42,500 zone. It is near the 61.8% Fib retracement level of the recent increase from the $41,800 swing low to $43,791 high. A downside break below the $42,500 support zone could lead the price towards the $41,800 level. Technical indicators: Hourly MACD – The MACD is slowly losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is near the 50 level. Major Support Levels – $42,800, followed by $42,500. Major Resistance Levels – $43,200, $43,500 and $44,200.

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