Bitcoin price is rapidly gaining above the USD 44,000 resistance. BTC could rise further if it breaks the USD 44,800 resistance zone in the near term.
- Bitcoin price was able to surpass the USD 43,400 and USD 43,500 resistance levels.
- The price is trading above $44,000 and the 100 hourly Simple Moving Average.
- There was a break above a key ascending channel with resistance at $43,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it breaks the $44,800 resistance zone.
Bitcoin price starts to rise again
Bitcoin price remained well above the USD 42,500 level. BTC started a fresh rise above the USD 43,400 and USD 43,500 resistance levels. Additionally, there was a break above a key ascending channel with resistance at $43,650 on the hourly chart of the BTC/USD pair.
The pair even rose above the $44,000 resistance zone. It traded to a new weekly high at $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high.
Bitcoin is now trading above $44,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $44,800 level. The next major resistance could be at USD 45,000, above which the price could stage another decent rise. The next stop for the bulls could be as high as $45,750.
Source: BTCUSD on TradingView.com
A clear move above the USD 45,750 resistance could send the price towards the USD 46,500 resistance. The next resistance could be near the $47,200 level. A close above the USD 47,200 level could push the price further higher. The next major resistance is at $48,500.
Downward correction in BTC?
If Bitcoin fails to rise above the USD 44,800 resistance zone, a downward correction could occur. The immediate downside support is near the $44,300 level.
The first major support is at $43,750 and the 50% Fib retracement level of the upward move from the $42,767 swing low to the $44,780 high. If there is a close below $43,750, the price may gain bearish momentum. In the said case, the price could dive towards the $43,000 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 44,300, followed by USD 43,750.
Major resistance levels – $44,800, $45,750 and $45,500.
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