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.
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.
