BTC is up more than 10% in the past few sessions, breaking several barriers near $40,000. It even broke the $41,200 resistance line and broke above the $42,000 area. A new multi-month high was made around $42,415 and the price is currently consolidating gains. There was a move below the $42,000 level.
The price is currently testing the 23.6% Fib retracement level of the rally from $39,360 to $42,415. Bitcoin is also trading above $41,200 and above the 100 hourly simple moving average. Meanwhile, a major uptrend line is forming on the hourly chart of the BTC/USD pair with support around $40,880. The trend line is close to 50% FIB racial level of $ 39,360.
At the top is an immediate resistance to close to $ 42,200. The first major resistance is around $42,500, above which the price may rise towards $43,200.
