Bitcoin price is still struggling below the USD 43,500 resistance zone. BTC could start a recovery wave if there is a clear move above the USD 44,000 resistance zone.
- Bitcoin price started a consolidation phase from the $41,500 zone.
- The price is trading above USD 42,500 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance near $44,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a decent recovery wave if it makes a move above the $44,000 resistance zone.
Bitcoin price faces hurdles
Bitcoin price found support near the $41,500 zone and recently entered a consolidation phase. BTC was able to recover a few points above the USD 42,000 and USD 42,200 levels.
The price even spiked above the 23.6% Fib retracement level of the key decline from the $49,000 swing high to the $41,475 low. A major ascending channel is also forming with resistance near $44,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $42,500 and the 100 hourly Simple Moving Average. If the bulls remain in action, the price could recover above the USD 43,250 resistance. The first major resistance is $44,000 or the channel trendline.
Source: BTCUSD on TradingView.com
A clear move above the USD 44,000 resistance could send the price towards the USD 44,450 resistance. The next resistance is now forming around the $45,250 level. It is close to the 50% Fib retracement level of the main decline from the $49,000 swing high to the $41,475 low. A close above the USD 45,250 level could push the price further higher. The next major resistance is at $47,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 44,000 resistance zone, it could start a new decline. The immediate downside support is near the $42,800 level or the 100 hourly Simple Moving Average.
The next major support is $42,120. If there is a close below $42,120, the price may gain bearish momentum. In the mentioned case, the price could fall towards the USD 41,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish 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 42,120.
Major resistance levels – $43,250, $44,000 and $44,450.
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.
