BTC Failed to Break $42K, But it Remains Uptrend

After failing to break the $43K resistance level, BTC price declined below the $42,000 and $41,500 support levels.

 

Looking at the daily chart, in the case of a $46K breakout, the following significant level would be at the $50K area on the daily chart, which is shown on below.


The price action in this area should be observed closely to determine if a bullish breakout or rejection is more likely based on the lower time frame behavior. If it can break out, the bearish flag would be considered failed, and a rally towards the $52K zone and beyond would likely occur.

BD.png


On the 4H chart, BTC is trading above 100-day moving average. The RSI has broken above the 50% mark, indicating that the bulls are again in control. A stronger rally may be the most probable scenario in the short term. And the upside could be limited around the $46,000-$50,000 resistance zone.

BH.png


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