Bitcoin price is rising above the $44,000 resistance level. BTC may move higher if it clears the $44,800 resistance area in the near term.
- Bitcoin price was able to break above the resistance levels of $43,400 and $43,500.
- The price is trading above $44,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main ascending channel with resistance at $43,650.
- A break above the $44,800 resistance area could continue the rise.
Bitcoin price begins a new rise
Bitcoin price remained above the $42,500 level. BTC started a new rally above the $43,400 and $43,500 resistance levels. Moreover, on the hourly chart of the BTC/USD pair, it broke the main ascending channel with resistance at $43,650.
The pair surged above the $44,000 resistance zone. It traded at a new weekly high of $44,780 and is currently consolidating gains. It is trading above the 23.6% Fib retracement level, rising from the $42,767 swing low to the $44,780 high.
Bitcoin is currently trading above $44,000 and the 100-hour simple moving average. Immediate resistance is near the $44,800 level. The next major resistance could be $45,000, above which the price could begin another significant rise. The next stop for the bulls could possibly be $45,750.
Source: TradingView.com BTCUSD
A clear break above the $45,750 resistance may lead the price to move towards the $46,500 resistance. The next resistance could be near the $47,200 level. The price could rise further above the $47,200 level. The next major resistance level is $48,500.
Fixing BTC’s shortcomings?
If Bitcoin fails to rise above the $44,800 resistance zone, a downward correction could begin. Immediate support for the downside is near the $44,300 level.
The first major support is at $43,750, which is the 50% Fib retracement level of the rise from the $42,767 swing low to the $44,780 high. The price could gain bearish momentum if it closes below $43,750. If stated, the price may plunge towards the $43,000 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 – $44,300, $43,750.
Key resistance levels – $44,800, $45,750 and $45,500.
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