Bitcoin price is rising above the $42,500 resistance level. BTC is showing positive signs and may increase to $45,000 resistance.
- Bitcoin price is rising above the $42,500 resistance zone.
- The price is trading above $43,000 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 $42,150.
- A break above the $43,800 and $44,200 resistance levels could continue the upward move for the currency pair.
Bitcoin price goes higher
Bitcoin price began a significant rise above the $41,200 resistance zone. BTC could move further into positive territory by clearing the $42,500 and $42,800 resistance levels.
The strength pushed the price above the $43,000 resistance and the price surged to $43,800. A new weekly high was established near $43,779 and the price is currently on an upward trend. It is trading above the 23.6% Fib retracement level, rising from the $41,651 swing low to the $43,779 high.
Bitcoin is currently trading above $43,000 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 $42,150. The trend line is near the 76.4% Fib retracement level rising from the $41,651 swing low to the $43,779 high.
Immediate resistance is near the $43,800 level. The next major resistance could be $44,200, above which the price could rise to test $44,500. A clear break above the $44,500 resistance may lead the price to move towards the $45,000 resistance.
Source: TradingView.com BTCUSD
The next resistance is now forming near the $45,500 level. Prices could rise even higher beyond the $45,500 level. The next major resistance level is $46,500.
Are dips limited in BTC?
If Bitcoin fails to rise above the $43,800 resistance zone, a downward correction could begin. Immediate support for the downside is near the $43,200 level.
The next major support is $42,500. Key support is at $42,200 and could be a trend line. The price could gain bearish momentum if it closes below $42,200. If stated, the price may plunge towards the $40,650 support.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $43,200, then $42,500.
Key resistance levels – $43,800, $44,500 and $45,000.
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