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If bitcoin fails to continue high above the triangle resistance, there is a risk of a downside break below $40,000. The first major support is near the $39,200.

In the past few days, there wereadditional gainsin bitcoin price above the $35,000 resistance against the US Dollar. The BTC/USD pair broke many major hurdles near $36,000 and $38,000 to continue higher.

An initial resistance is near the $42,068 high, above which the price is likely to gain 5%-8%. In the stated cases, the $45,000 level could be an easy target for the bulls. Any more gains might open the doors for a push towards the $50,000 zone.

The price even tested the $40,000 level. However, the bulls were able to protect the 23.6% Fib retracement level of the recent increase from the $29,995 swing low to $42,068 high.

Bitcoin is trading in a strong uptrend above the $36,000 and $40,000 support levels.

The price is consolidating above $40,000, and it is well above the 100 simple moving average (4-hours).

000 Before PeakingBitcoin Consolidates above $40K,000 levels in the near term.Unprecedented Bitcoin Rally Leads Altcoins Into Uncharted TerritoryAayush is a Senior Forex,000 level and settled well above the 100 simple moving average (4-hours). Bitcoin traded to anew all-time highat $42,PAID Network Will Launch Its IDO on Polkastarter on January 20thRoom to Rally: Bitcoins Risk-Adjusted Returns are Steady at 6 Year+ LevelsTA: Bitcoin Corrects From $40K,000 and $45,Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis,Bitcoin and Ethereum markets.These Levels All Suggest Bitcoin Could Rally to $48,000 against the US Dollar. BTC is currently consolidating gains and it could surge towards $45K and $50K.4 hours RSI (Relative Strength Index) The RSI for BTC/USD is still well above the 60 level.It even surged above the $40,and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency,000 level.Coinbase Trends On Twitter For Downtime During Bitcoin Break Above $40K4 hours MACD The MACD for BTC/USD is gaining momentum in the bullish zone.commodities,068 before it started consolidating gains. There was a minor decline below $41,Why $35K Could Protect LossesThe pair is likely to continue higher towards the $44,Why BTC Could Surge To $50KKim Dotcoms Next-Generation Content-Monetization Service K.IM Announces Bitcoin Cash IntegrationBitcoin price gained further momentum and traded to a new all-time high near $42,

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A clear close below the $39,200 support may possibly lead the price towards the next major support at $36,000. It is close to the 50% Fib retracement level of the recent increase from the $29,995 swing low to $42,068 high.

There is a key contracting triangle forming with resistance near $41,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).

It seems like there is a key contracting triangle forming with resistance near $41,200 on the 4-hours chart of the BTC/USD pair. If there is an upside break above the triangle resistance and $41,500, the price is likely to resume its upward move.

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