Bitcoin price found support and began a significant rise above $43,000. BTC is rising, but may have trouble overcoming the $44,300 and $44,500 resistance levels.
- Bitcoin tested the $41,650 area and started a new increase.
- The price is trading above $43,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above a bearish trend line connecting with resistance near $43,350.
- The pair may continue to surge towards the key resistance level of $44,300.
Bitcoin price rises again
The Bitcoin price was able to find bids above the $41,500 level. BTC formed a base and started a new increase from the recent low of $41,637. There was a steady increase above the $42,500 resistance zone.
On the hourly chart of the BTC/USD pair, a breakout occurred above a bearish trend line connecting with resistance near $43,350. The pair moved above the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.
Bitcoin is currently trading above $43,000 and the 100-hour simple moving average. On the other hand, immediate resistance is near the $43,780 level. This is close to the 76.4% Fib retracement level of the downward move from the $44,429 swing high to the $41,636 low.
Source: TradingView.com BTCUSD
The first major resistance is at $44,000. The main hurdle is $44,300. A break above the $44,300 resistance could initiate a significant rally towards the $45,000 level. The next major resistance could be near $45,500, above which BTC could rise towards the $46,500 level.
Another rejection from BTC?
If Bitcoin fails to rise above the $44,000 resistance zone, it could begin a new downtrend. Immediate support for the downside is near the $43,350 level.
The next major support is near $42,750. A drop below $42,750 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 gaining speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $43,350, then $42,750.
Key resistance levels – $43,750, $44,000 and $44,300.
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