{"id":34286,"date":"2023-12-19T03:52:45","date_gmt":"2023-12-19T07:52:45","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34286"},"modified":"2023-12-19T03:52:45","modified_gmt":"2023-12-19T07:52:45","slug":"bitcoin-price-rallies-5-but-key-breakout-resistance-is-still-intact","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/12\/19\/bitcoin-price-rallies-5-but-key-breakout-resistance-is-still-intact\/","title":{"rendered":"Bitcoin Price Rallies 5% But Key Breakout Resistance Is Still Intact"},"content":{"rendered":"

Bitcoin price jumped from the $40,500 support zone. BTC is up over 5% but the bears are still defending the $43,500 resistance zone.<\/em><\/p>\n

Bitcoin started a strong increase from the $40,500 support zone.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if it fails to clear the $43,500 resistance zone.<\/p>\n

Bitcoin Price Revisits $43,500<\/h2>\n

Bitcoin price extended its decline below the $41,200 support level. However, BTC remained well-bid above the $40,500 support zone<\/a>. A low was formed near $40,515 and the price started a fresh increase.<\/p>\n

There was a steady increase above the $41,200 and $42,000 levels. There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC\/USD pair. The pair rallied above the $43,000 resistance zone.<\/p>\n

Bitcoin is now struggling to clear the key $43,500 resistance zone. A high is formed near $43,464 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high.<\/p>\n

It is well above $42,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,250 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,750 level.<\/p>\n

The next major support is near $42,000 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. If there is a move below $42,000, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 20 level.<\/p>\n

Major Support Levels \u2013 $42,750, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,500, and $45,000.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Bitcoin price jumped from the $40,500 support zone. BTC is up over 5% but the bears are still defending the $43,500 resistance zone.<\/em><\/p>\n

Bitcoin started a strong increase from the $40,500 support zone.
\nThe price is trading above $42,000 and the 100 hourly Simple moving average.
\nThere was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC\/USD pair (data feed from Kraken).
\nThe pair could decline again if it fails to clear the $43,500 resistance zone.<\/p>\n

Bitcoin Price Revisits $43,500<\/h2>\n

Bitcoin price extended its decline below the $41,200 support level. However, BTC remained well-bid above the $40,500 support zone<\/a>. A low was formed near $40,515 and the price started a fresh increase.<\/p>\n

There was a steady increase above the $41,200 and $42,000 levels. There was a break above a major bearish trend line with resistance near $41,850 on the hourly chart of the BTC\/USD pair. The pair rallied above the $43,000 resistance zone.<\/p>\n

Bitcoin is now struggling to clear the key $43,500 resistance zone. A high is formed near $43,464 and the price is now consolidating gains. It is above the 23.6% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high.<\/p>\n

It is well above $42,000 and the 100 hourly Simple moving average<\/a>. On the upside, immediate resistance is near the $43,250 level. The first major resistance is forming near $43,500. A close above the $43,500 resistance might start a steady increase.<\/p>\n

<\/a><\/p>\n

Source: BTCUSD on TradingView.com<\/a><\/p>\n

The next key resistance could be near $44,200, above which BTC could rise toward the $45,000 level. A clear move above the $45,000 level could set the pace for a test of $46,500.<\/p>\n

More Losses In BTC?<\/h2>\n

If Bitcoin fails to rise above the $43,500 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $42,750 level.<\/p>\n

The next major support is near $42,000 or the 50% Fib retracement level of the upward move from the $40,515 swing low to the $43,464 high. If there is a move below $42,000, there is a risk of more losses. In the stated case, the price could drop toward the $40,500 support in the near term.<\/p>\n

Technical indicators:<\/p>\n

Hourly MACD \u2013 The MACD is now gaining pace in the bullish zone.<\/p>\n

Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 20 level.<\/p>\n

Major Support Levels \u2013 $42,750, followed by $42,000.<\/p>\n

Major Resistance Levels \u2013 $43,200, $43,500, and $45,000.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34286","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34286","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34286"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34286\/revisions"}],"predecessor-version":[{"id":34296,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34286\/revisions\/34296"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34286"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34286"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34286"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}