Bitcoin price is trying to make a fresh rise against the USD 42,000 support. BTC could gain bullish momentum if it breaks the USD 43,300 resistance zone.
- Bitcoin price is trying to make a fresh rise above the USD 42,750 resistance zone.
- The price is trading above USD 42,800 and the 100 hourly Simple Moving Average.
- A short-term ascending channel is 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 rise. BTC was able to climb above the USD 42,200 and USD 42,500 resistance levels.
There was a move above the 50% Fib retracement level of the downwave, from the $43,740 swing high to the $41,888 low. The bulls were able to push the price above the USD 43,000 resistance. A short-term ascending channel is now 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. The 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 major resistance could be at USD 43,750, above which the price could start a decent rise. The next stop for the bulls could perhaps be $44,000.
Source: BTCUSD on TradingView.com
A clear move above the USD 44,000 resistance could send the price towards the USD 44,200 resistance. The next resistance is now forming around the $44,500 level. A close above the USD 44,500 level could push the price further higher. The next major resistance is at $45,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 43,300 resistance zone, it could trigger another decline. The immediate downside support is near the $43,000 level and the channel trendline.
The first major support is at $42,800 and the SMA of 100 per hour. The main support could be at $42,350. If there is a close below USD 42,350, the price may gain bearish momentum. In the said case, the price could dive towards the support at $41,800.
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 42,800, followed by USD 42,350.
Major resistance levels – $43,300, $43,800 and $44,500.
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