Bitcoin Tests Resistance At $44,000
Bitcoin Tries To Continue Its Upside Move At The Start Of The Week
Bitcoin managed to settle above the resistance level at $42,000 and continues its attempts to settle above the next resistance at $44,000.
Bitcoin has finally managed to get through the resistance area at $40,000 – $42,000 which is bullish for the whole crypto market. Not surprisingly, Ethereum continued to move higher and made an attempt to settle above the psychologically important $3,000 level. Dogecoin is currently trying to get back above the resistance at $0.25 while XRP is trying to settle above $0.80.
Bitcoin bulls have every reason to celebrate as the world’s leading cryptocurrency has finally managed to get above the key resistance area. Now, Bitcoin has a very good chance to develop sustainable upside momentum which could bring it closer to all-time high levels.
Technical Analysis
Bitcoin has pulled back from recent highs but continues its attempts to settle above the resistance at $44,000. RSI is close to the overbought territory but there is enough room to gain additional upside momentum in case the right catalysts emerge.
If Bitcoin manages to settle above the resistance at $44,000, it will continue its upside move and head towards the next resistance level which is located at $46,000. A successful test of the resistance at $46,000 will push Bitcoin towards the resistance at $47,500. A move above this level will open the way to the test of the psychologically important resistance level at $50,000.
On the support side, the previous resistance level at $42,000 will serve as the first support level for Bitcoin. If Bitcoin declines below this level, it will move towards the next support at $41,300. In case Bitcoin manages to settle back below $41,300, it will head towards the significant support level at $40,000. The 20 EMA is located in the nearby, and Bitcoin will likely get strong support near $40,000. A move below the 20 EMA will be a major disappointment for the bulls as it will indicate that Bitcoin has completely lost its upside momentum.
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This article was originally posted on FX Empire
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