Bitcoin’s price recovered further above $43,500 but struggled around $44,500. BTC is correcting gains and could test the USD 42,150 support zone.
- Bitcoin recovered above the USD 43,500 resistance and remained in a positive zone.
- The price is trading below $44,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance near $44,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline towards the USD 42,150 and USD 42,000 support levels.
Bitcoin price holds support
Bitcoin price started a recovery wave above the USD 43,200 resistance zone. BTC even broke the USD 43,500 resistance zone to move further into a positive zone.
There was a decent upward move, but the bears were active near the USD 44,500 resistance zone. It was rejected near the 76.4% Fib retracement level of the downward move from the $45,913 swing high to the $39,500 low. A high was formed near USD 44,784 and the price is now correcting gains.
There was a move below the USD 44,000 level. The price traded below the 23.6% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. Bitcoin is now trading below $44,000 and the 100 hourly Simple Moving Average.
On the upside, immediate resistance is around the $44,000 level. The first major resistance is $44,400. There is also a major bearish trendline forming with resistance around $44,400 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
A close above the USD 44,400 level could send the price further higher. The next major resistance is at $45,500. Any further gains above the $45,500 level could open the doors for a move towards the $46,000 level.
New BTC Drop?
If Bitcoin fails to rise above the USD 44,400 resistance zone, it could start a new decline. The immediate downside support is near the USD 42,800 level.
The next major support is near $42,150 or the 50% Fib retracement level of the upward move from the $39,501 swing low to the $44,784 high. If a move occurs below $41,150, the price could gain bearish momentum. In the mentioned case, the price could fall towards the USD 40,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 42,800, followed by USD 42,150.
Major resistance levels – $43,800, $44,000 and $44,400.
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