The price even spiked below the $41,000 level, but it found support near the $40,900 level.
Bitcoin climbed above the 50% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low.
The 61.8% Fib retracement level of the recent decline from the $42,235 swing high to $40,900 low is also near the $41,725 level.
If bitcoin fails to clear the $42,000 resistance zone, it could start a downside correction.
The next major support is seen near the $41,000 level and the trend line zone.
He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins.