Bitcoin price is attempting a fresh increase from the $42,000 support. BTC could gain bullish momentum if it clears the $43,300 resistance zone.
- Bitcoin price is attempting a fresh increase above the $42,750 resistance zone.
- The price is trading above $42,800 and the 100 hourly Simple moving average.
- There is a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise unless there is a close below the $42,350 support zone.
Bitcoin Price Remains Supported
Bitcoin price formed a base above the $42,000 level and started a steady increase. BTC was able to climb above the $42,200 and $42,500 resistance levels.
There was a move above the 50% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low. The bulls were able push the price above the $43,000 resistance. There is now a short-term rising channel forming with support near $42,950 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $42,800 and the 100 hourly Simple moving average. Immediate resistance is near the $43,300 level. It is near the 76.4% Fib retracement level of the downward wave from the $43,740 swing high to the $41,888 low.
The next key resistance could be $43,750, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,000.
Source: BTCUSD on TradingView.com
A clear move above the $44,000 resistance could send the price toward the $44,200 resistance. The next resistance is now forming near the $44,500 level. A close above the $44,500 level could push the price further higher. The next major resistance sits at $45,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $43,300 resistance zone, it could start another decline. Immediate support on the downside is near the $43,000 level and the channel trend line.
The first major support is $42,800 and the 100 hourly SMA. The main support could be $42,350. If there is a close below $42,350, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 support.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $42,800, followed by $42,350.
Major Resistance Levels – $43,300, $43,800, and $44,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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