Bitcoin price is consolidating above the $42,500 support zone. BTC could gain bullish momentum if it clears the $43,500 resistance zone.
- Bitcoin price is still struggling to clear the $43,400 and $43,500 resistance levels.
- The price is trading above $42,500 and the 100 hourly Simple moving average.
- There is a key rising channel forming with support at $42,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a strong increase if it clears the $43,500 resistance zone.
Bitcoin Price Aims Higher
Bitcoin price formed a base above the $41,800 level and started a steady increase. BTC was able to clear the $42,200 and $42,500 resistance levels.
It also reclaimed the 100 hourly Simple moving average. The price climbed above the 50% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low. The bulls even pushed the price above the $43,000 level.
However, the bears seem to be active near the $43,200 level. It is near the 76.4% Fib retracement level of the downward move from the $43,488 swing high to the $42,320 low.
Bitcoin is now trading above $42,650 and the 100 hourly Simple moving average. Immediate resistance is near the $43,200 level. The next key resistance could be $43,500, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,200.
Source: BTCUSD on TradingView.com
A clear move above the $44,200 resistance could send the price toward the $45,000 resistance. The next resistance is now forming near the $45,500 level. A close above the $45,500 level could push the price further higher. The next major resistance sits at $46,500.
Another Decline In BTC?
If Bitcoin fails to rise above the $43,500 resistance zone, it could start another decline. Immediate support on the downside is near the $42,900 level and the 100 hourly SMA.
The first major support is $42,450 and the channel trend line. If there is a close below $42,450, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,800 support.
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 above the 50 level.
Major Support Levels – $42,900, followed by $42,450.
Major Resistance Levels – $43,200, $43,400, and $43,500.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Credit: Source link
