Bitcoin price gained further momentum and traded to an all-time high of $ 42,000 against the US Dollar. BTC is currently consolidating earnings and could rise to $ 45,000 and $ 50,000.
Bitcoin is trading in a strong uptrend above the $ 36,000 and $ 40,000 support levels.
The price consolidates at over $ 40,000 and is well above the 100 simple moving average.
The 4-hour chart of the BTC / USD pair includes an important contract triangle with resistance near $ 41,200.
The pair seems to continue to rise towards the $ 44,000 and $ 45,000 levels in the near term.
Will Bitcoin reach its new ATH?
Over the past few days, there have been additional gains in Bitcoin price over the $ 35,000 resistance against the US Dollar. The BTC / USD pair broke through many major hurdles around $ 36,000 and $ 38,000 to continue rising.
It even climbed above the $ 40,000 level and settled well above the 100 simple moving average. Bitcoin traded at its all-time high of $ 42,068 before consolidating its earnings. There was a small drop below the $ 41,000 level.
There appears to be a key contract triangle with resistance near $ 41,200 on the 4-hour chart of the BTC / USD pair. If there is an upside break above the triangle resistance and $ 41,500, the price is likely to continue its upward movement.
Initial resistance is near the $ 42,068 high. On top of that, the price will likely go up 5-8%. The $ 45,000 level could be an easy target for the bulls in these situations. More gains could open the doors for a move towards the $ 50,000 zone.
Supported drops in BTC
If Bitcoin cannot continue to rise above the triangle resistance, it is at risk of a downside break below $ 40,000. The first major support is near $ 39,200.
A clear closing price below the $ 39,200 support could possibly lead to the next major support at $ 36,000.
4-hour MACD – The MACD for BTC / USD is gaining momentum in the bullish zone.
4-hour RSI (Relative Strength Index) – The RSI for BTC / USD is still well above the 60 level.
Support Level – $ 39,200.
Resistance Level – $ 41,200.