Bitcoin price extended its rally above the USD 43,200 resistance. BTC is now consolidating gains and could rally further towards the $45,000 zone.
- Bitcoin rose further above the USD 42,200 and USD 43,200 levels.
- The price is trading above USD 43,200 and the 100 hourly Simple Moving Average.
- Two bullish trendlines are forming with support near $43,200 and $41,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards $43,200 before starting a new rise.
Bitcoin Price Extends Rally
Bitcoin price remained in a steady uptrend above the USD 40,000 resistance zone. BTC gained more than 15% in recent days and even rose above the $42,000 zone.
The upward move gained speed above the USD 43,200 resistance zone. A new multi-month high is formed near $44,465 and the price is now correcting gains. There was a move below the USD 44,000 level. The price is still above the 23.6% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
Bitcoin is also trading above $43,200 and the 100 hourly Simple Moving Average. Furthermore, two bullish trendlines are forming with support around $43,200 and $41,800 on the hourly chart of the BTC/USD pair. The second trendline is close to the 50% Fib retracement level of the upward move from the $39,476 swing low to the $44,465 high.
On the upside, immediate resistance is around the $44,200 level. The first major resistance forms around $44,450, above which the price could rise towards the $45,000 level.
Source: BTCUSD on TradingView.com
A close above the $45,000 resistance could send the price higher. The next major resistance could be near USD 46,400, above which BTC could rise towards the USD 48,000 level.
Are dips supported in BTC?
If Bitcoin fails to rise above the USD 44,500 resistance zone, a downward correction could occur. The immediate downside support is near the $43,250 level.
The next major support is near USD 42,800, below which the price could test the second trendline. If there is a move below $42,000, there is a risk of more downside. 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 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 42,000.
Major resistance levels – $44,200, $44,450 and $45,000.