Bitcoin price revised gains and tested the $42,650 area. BTC is attempting a fresh rally again and is eyeing a move above the $43,750 resistance.
- Bitcoin found support above the $42,500 area and started a new rally.
- The price is trading below $43,550 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trend line tying with resistance near $43,600.
- A break above the $43,750 and $44,300 resistance levels could start a new rally for the currency pair.
Bitcoin price is holding steady
Bitcoin price failed to break the $44,300 resistance zone and began a downward correction. BTC dipped below the $43,500 level but bulls remained active above the $42,500 area.
A low was made near $42,860 and the price is currently attempting a new rise. There was a move above the $43,200 resistance zone. The price crossed above the 50% Fib retracement level moving down from the $44,429 swing high to the $42,680 low.
Bitcoin is still trading below $43,550 and the 100-hour simple moving average. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance near $43,600.
The trend line is close to the 61.8% Fib retracement level moving down from the $44,429 swing high to the $42,680 low. On the other hand, immediate resistance is near the $43,550 level. The first major resistance forms near the trendline.
Source: TradingView.com BTCUSD
A break above the $43,600 resistance could initiate a significant rally towards the $44,300 level. The next major resistance could be near $45,000, above which BTC could rise towards the $46,500 level. If more profits are made, the price could rise to $47,200.
Another drop in BTC?
If Bitcoin fails to rise above the $43,600 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $43,000 level.
The next major support is near $42,600. A drop below $42,600 risks further losses. If indicated, the price may fall towards the $42,000 support in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $43,000, then $42,600.
Key resistance levels – $43,600, $44,000 and $44,300.
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