A relief rally is extremely likely at this point, notwithstanding our long-term prediction that Bitcoin would go below $40,000. Despite the fact that BTCUSD has already retraced twice from the 41300-41500 area, the former support has become the new resistance. As of this point, there is a greater chance of a break apart, and Bitcoin might soar to as high as 46,000.
The support rests at 42000.23 with resistance at 42124.53 which the price is above the Pivot Point at 42081.76 located between the lines. The EMA of 10 is in horizontal state, and it is below the EMA of 100 and 200. Both EMA of 100 and 200 are moving downward. The RSI is moving toward the level of 70, the MACD histogram is in positive territory with the signals showing a slight upward momentum and the Stochastic is moving toward high ranges. The ADX is not showing a clear signal.
The price is inside the Ichimoku Cloud and the Chinkou Span is near the market price. The Tenkan-sen and the Kijun-sen are both showing a horizontal state.

• There is resistance at 42124.53, followed by resistance at 42206.06 and 42330.36.
• There is support at 42000.23 Below, there is 41957.46 and 41833.16.

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