Bitcoin price is attempting a new rise above the $42,500 resistance level. BTC is showing bullish signs and may rise further above the $43,800 resistance.
- Bitcoin price is solidifying its upward trend above the $42,500 resistance zone.
- The price is trading above $42,750 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline forming with support near $42,650.
- A break above the $43,250 and $43,800 resistance levels could continue the upward move for the currency pair.
Bitcoin price is holding steady
Bitcoin price began a significant rise 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 $43,800.
A new weekly high was formed near $43,779 before the price began a short-term downward correction. It fell below the $43,200 level. It broke the 23.6% Fib retracement level of the bullish wave from the $41,650 swing low to the $43,779 high.
Bitcoin is currently trading above $42,750 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a major bullish trend line forming with support near $42,650. The trend line is near the 61.8% Fib retracement level of the rising wave from the $41,650 swing low to the $43,779 high.
Immediate resistance is near the $43,250 level. The next major resistance could be $43,800, above which the price could begin a significant rise. The next stop for the bulls could possibly be $44,500.
Source: TradingView.com BTCUSD
A clear break above the $44,500 resistance may lead the price to move towards the $45,000 resistance. The next resistance is now forming near the $45,200 level. Prices could rise further above the $45,200 level. The next major resistance level is $46,500.
Another decline in BTC?
If Bitcoin fails to rise above the $43,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $42,800 level.
The next major support level is $42,650 or the trend line. Major support is at $42,400 and could be the 100 hourly SMA. The price could gain bearish momentum if it closes below $42,400. If stated, the price may plunge towards the $41,200 support level.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $42,650, then $42,400.
Key resistance levels – $43,250, $43,800 and $44,500.
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