Can Bitcoin Break Above $42,800 in The Immediate Short Term?

What is Bitcoin Doing Right Now?

Bitcoin is currently trading around the $42,500 mark and is looking quite bullish in the immediate short term. As mentioned in our previous analysis, the bulls did manage to take control of the support at $41,200 and are now heading towards the crucial target of $42,800. It would be interesting to see how the price reacts to this level as breaking above it could be the sign of resumption of the uptrend. Let’s take a quick look at the latest Bitcoin charts to see where the price is headed in the coming days.

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Analyzing the Charts

If we take a look at the latest 1-day charts for Bitcoin, the first thing we can notice is that the price is bouncing nicely off the bottom of the channel it has been respecting for months.

We can also see that it is now facing resistance around the $42,800 mark once again. The price tried to break above this level on the 9^th and 10^th of this month but failed in doing so. That is why it is crucial for BTC to break above this level in the coming hours or days.

The support level we will be watching for Bitcoin is still the $41,200 mark. We can see that this area has acted as support in the past as well.

Also, if we take out the Fibonacci retracement tool, we can see that the price has broken above the .382 level of the swing high to the swing low. If it closes below this level, it would be a bullish sign and BTC will likely test the 0.618 mark at around $44,500.

The $44,500 mark is a crucial zone that has acted as major resistance in the recent past. If the price can break above this level once again, a big breakout will be likely for Bitcoin.

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