Bitcoin price is gaining speed and trading above the USD 44,000 resistance. BTC could continue to rise once it crosses the USD 44,500 and USD 45,000 resistance levels.
- Bitcoin started a decent rise above the USD 43,500 resistance zone.
- The price is trading above USD 43,500 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $43,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong rally if there is a close above $44,300 and $44,500.
Bitcoin price aims higher
Bitcoin price rose above the USD 43,500 resistance zone and moved further into a bullish zone. BTC broke many hurdles and even spiked above the USD 44,000 level.
It tested the resistance zone at $44,300. It reached a high around $44,300 and the price is now consolidating gains. The price corrected a few points below the USD 44,100 level. However, it is steady above the 23.6% Fib retracement level of the upward move from the $41,820 swing low to the $44,300 high.
Bitcoin is now trading above $43,500 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $43,800 on the hourly chart of the BTC/USD pair.
On the upside, immediate resistance is around the $44,200 level. The first major resistance forms around $44,300 and $44,500. A close above the USD 44,500 resistance could trigger a strong rally and the price could even clear the USD 45,000 resistance.
Source: BTCUSD on TradingView.com
The next major resistance could be near USD 46,500, above which BTC could rise towards the USD 47,200 level. Any further gains could send the price to $48,000.
New BTC Drop?
If Bitcoin fails to rise above the USD 44,300 resistance zone, it could start a new decline. The immediate downside support is near the $43,800 level and the trendline.
The next major support is near $42,750 or the 61.8% Fib retracement level of the upward move from the $41,820 swing low to the $44,300 high. If there is a move below $42,750, there is a risk of more losses. In the mentioned case, the price could fall towards the support at USD 42,200 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 43,800, followed by USD 42,750.
Major resistance levels – $44,300, $44,500 and $45,000.
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