Bitcoin price started a major rise above $42,000. BTC is now consolidating gains and could rise further towards the $45,000 area.
- Bitcoin rose above the $42,200 and $43,200 levels.
- 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 two bullish trend lines forming with support near $43,900 and $42,000.
- The pair is likely ready for a new increase above the $44,000 level.
Bitcoin price remains supported
Bitcoin price began to rise significantly above the $42,000 resistance zone. BTC surged and even broke the $43,200 resistance zone. A new multi-month high was formed near $44,465 before the price began a slight downward correction.
There was a move below the $44,000 level. The price tested the 23.6% Fib retracement level rising from the $39,475 swing low to the $44,465 high. However, bulls remained active above the $43,200 support zone.
Bitcoin is also trading above $43,500 and the 100-hour simple moving average. Moreover, on the hourly chart of the BTC/USD pair, there are two bullish trend lines forming with support near $43,900 and $42,000. The second trendline is close to the 61.8% Fib retracement level rising from the $39,475 swing low to the $44,465 high.
On the other hand, immediate resistance is near the $44,250 level. The first major resistance is forming near $44,450, above which the price may rise towards the $45,000 level.
Source: TradingView.com BTCUSD
A break above the $45,000 resistance could push the price higher. The next major resistance could be near $46,200, above which BTC could rise towards the $47,500 level.
Short-term decline in BTC?
If Bitcoin fails to rise above the $44,250 resistance zone, a downward correction could begin. Immediate support for the downside is near the $43,900 level and trendline.
The next major support is near $42,550, below which the price may test the second trend line. There is further downside risk if it falls below $42,000. If stated, the price may fall towards the $41,200 support in the near term.
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 – $43,900, then $42,000.
Key resistance levels – $44,250, $44,450 and $45,000.