Bitcoin price is rapidly gaining above the USD 42,500 resistance. BTC is showing positive signs and could extend the gain towards the USD 45,000 resistance.
- Bitcoin price is moving higher above the USD 42,500 resistance zone.
- The price is trading above USD 43,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support near $42,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it overcomes the USD 43,800 and USD 44,200 resistance levels.
Bitcoin price soars higher
Bitcoin price started a decent rise above the USD 41,200 resistance zone. BTC was able to break the USD 42,500 and USD 42,800 resistance levels to move further into a positive zone.
The bulls pushed the price above the USD 43,000 resistance and the price rose towards USD 43,800. A new weekly high is formed near USD 43,779 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.
Bitcoin is now trading above $43,000 and the 100 hourly Simple Moving Average. There is also a major bullish trendline forming with support around $42,150 on the hourly chart of the BTC/USD pair. The trendline is close to the 76.4% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.
The immediate resistance is near the $43,800 level. The next major resistance could be at USD 44,200, above which the price could rise and test USD 44,500. A clear move above the USD 44,500 resistance could send the price towards the USD 45,000 resistance.
Source: BTCUSD on TradingView.com
The next resistance is now forming around the $45,500 level. A close above the USD 45,500 level could push the price further higher. The next major resistance is at $46,500.
Are dips limited in BTC?
If Bitcoin fails to rise above the USD 43,800 resistance zone, a downward correction could occur. The immediate downside support is near the $43,200 level.
The next major support is $42,500. The main support could be $42,200 and the trendline. If there is a close below USD 42,200, the price may gain bearish momentum. In the said case, the price could dive towards the USD 40,650 support.
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 43,200, followed by USD 42,500.
Major resistance levels – $43,800, $44,500 and $45,000.
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