Bitcoin Price Analysis: BTC pullback eyes former resistance-turned-support around $42,000


  • BTC/USD holds lower ground near three-day low, keeps corrective moves from record top.
  • Overbought RSI, doji on the record top keeps short-term sellers hopeful.
  • Two-month-old support line adds to the downside filters.

BTC/USD takes rounds to $45,000 during the early Thursday’s trading. In doing so, the cryptocurrency major keeps consolidation of gains from the record top, marked on Monday, while teasing short-term bears.

Not only the bitcoin’s all-time high but overbought RSI and Tuesday’s Doji at the top also favor the risky sellers’ entry.

However, January’s top near $41,990 will be a test for the bears before they aim for an ascending trend line from December 11, 2020, currently around $32,900.

If at all the BTC/USD prices drop below $32,900, the yearly bottom surrounding $27,770 will be the key to watch.

Alternatively, $47,000 guards the cryptocurrency pair’s immediate upside ahead of directing the BTC/USD bulls to attack the latest all-time high of $48,200.

During the quote’s successful run-up beyond $48,200, the $50,000 psychological magnet will be in the spotlight.

BTC/USD daily chart

Trend: Pullback expected

Additional important levels

Overview
Today last price 44826.32
Today Daily Change -24.33
Today Daily Change % -0.05%
Today daily open 44850.65
 
Trends
Daily SMA20 36288.45
Daily SMA50 34243.57
Daily SMA100 26300.02
Daily SMA200 18860.32
 
Levels
Previous Daily High 47349.41
Previous Daily Low 43726.47
Previous Weekly High 38758.32
Previous Weekly Low 32206.92
Previous Monthly High 41987.21
Previous Monthly Low 27772
Daily Fibonacci 38.2% 45110.43
Daily Fibonacci 61.8% 45965.45
Daily Pivot Point S1 43268.27
Daily Pivot Point S2 41685.9
Daily Pivot Point S3 39645.33
Daily Pivot Point R1 46891.22
Daily Pivot Point R2 48931.78
Daily Pivot Point R3 50514.16

 

 

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