Bitcoin price is trying to make a fresh rise above the USD 42,500 resistance. BTC is showing bullish signs and could rise further above the USD 43,800 resistance.
- Bitcoin price is consolidating gains above the USD 42,500 resistance zone.
- The price is trading above USD 42,750 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $42,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 43,250 and USD 43,800 resistance levels.
Bitcoin price holds steady
Bitcoin price started a decent rise above the USD 42,000 resistance zone. BTC was able to break the USD 42,500 and USD 43,200 resistance levels. However, the bears were active near the $43,800 zone.
A new weekly high was formed near $43,779 before the price began a short-term downward correction. There was a decline below the USD 43,200 level. It broke the 23.6% Fib retracement level of the upwave from the $41,650 swing low to the $43,779 high.
Bitcoin is now trading above $42,750 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $42,650 on the hourly chart of the BTC/USD pair. The trendline is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.
The immediate resistance is near the $43,250 level. The next major resistance could be at USD 43,800, above which the price could start a decent rise. The next stop for the bulls could perhaps be $44,500.
Source: BTCUSD on TradingView.com
A clear move above the USD 44,500 resistance could send the price towards the USD 45,000 resistance. The next resistance is now forming near the $45,200 level. A close above the USD 45,200 level could push the price further higher. The next major resistance is at $46,500.
Another bearish wave in BTC?
If Bitcoin fails to rise above the USD 43,800 resistance zone, it could continue to decline. The immediate downside support is near the USD 42,800 level.
The next major support is $42,650 or the trendline. The key support could be at $42,400 and the SMA of 100 per hour. If there is a close below $42,400, the price may gain bearish momentum. In the said case, the price could dive towards the USD 41,200 support.
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 42,650, followed by USD 42,400.
Major resistance levels – $43,250, $43,800 and $44,500.
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