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.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.