Bitcoin price is attempting a fresh increase above the $42,500 resistance. BTC is showing bullish signs and might rally further above the $43,800 resistance.
- Bitcoin price is consolidating gains above the $42,500 resistance zone.
- The price is trading above $42,750 and the 100 hourly Simple moving average.
- There is a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $43,250 and $43,800 resistance levels.
Bitcoin Price Holds Ground
Bitcoin price started a decent increase above the $42,000 resistance zone. BTC was able to clear the $42,500 and $43,200 resistance levels. However, the bears were active near the $43,800 zone.
A new weekly high was formed near $43,779 before the price started a short-term downside correction. There was a drop below the $43,200 level. It broke the 23.6% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.
Bitcoin is now trading above $42,750 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support near $42,650 on the hourly chart of the BTC/USD pair. The trend line is near the 61.8% Fib retracement level of the upward wave from the $41,650 swing low to the $43,779 high.
Immediate resistance is near the $43,250 level. The next key resistance could be $43,800, above which the price could start a decent increase. The next stop for the bulls may perhaps be $44,500.
Source: BTCUSD on TradingView.com
A clear move above the $44,500 resistance could send the price toward the $45,000 resistance. The next resistance is now forming near the $45,200 level. A close above the $45,200 level could push the price further higher. The next major resistance sits at $46,500.
Another Bearish Wave In BTC?
If Bitcoin fails to rise above the $43,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $42,800 level.
The next major support is $42,650 or the trend line. The main support could be $42,400 and the 100 hourly SMA. If there is a close below $42,400, the price could gain bearish momentum. In the stated case, the price could dive toward the $41,200 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 below the 50 level.
Major Support Levels – $42,650, followed by $42,400.
Major Resistance Levels – $43,250, $43,800, and $44,500.
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