Bitcoin price gained further momentum and traded to a new all-time high near $42,000 against the US Dollar. BTC is currently consolidating gains and it could surge towards $45K and $50K.

In the past few days, there were additional gains in 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.

It even surged above the $40,000 level and settled well above the 100 simple moving average (4-hours). Bitcoin traded to a new all-time high at $42,068 before it started consolidating gains. There was a minor decline below $41,000 level.

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.

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.

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.

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.

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.

Technical indicators

4 hours MACD – The MACD for BTC/USD is gaining momentum in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still well above the 60 level.

Major Support Level – $39,200

Major Resistance Level – $41,200

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